Akwa Ibom state executive council has given approval for a supplementary budget of N136.5billion for the 2021 fiscal year owing to inflation, exchange rate fluctuations and other financial incidents.
The breakdown of the supplementary proposal showed that N39.3billion is for recurrent expenditure while N97.2billion is for capital projects.
Ini Ememobong, commissioner for information and strategy who made this known in a statement at the end of the state executive council meeting said the supplementary budget was also necessitated by natural disasters which he said had occurred in the state but had no provisions in the budget adding that they now required urgent government intervention.
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Ememobong added in the statement that the estimates were adopted for forwarding to the state House of Assembly adding that the proposal was presented to the state executive council by the commissioner for finance, Linus Nkan.
Governor Udom Emmanuel had late last year signed the 2021 appropriation bill of 456.2 billion into law while he assured that all projects initiated by his administration would be completed.
In July, the state assembly approved a loan request of N7 Billion from the governor for agricultural and housing projects in the state.
According to the governor, the loan would be obtained from the Central Bank of Nigeria (CBN) adding that while N2 Billion would be for agriculture under the bank’s commercial agricultural credit scheme, N5 Billion would be for the development of housing estates in the state.
