By Ani Bassey
The Cross River State Appropriation Bill 2022 has scaled its second reading.
The budget is christened the Budget of “Conjugated Agglutination”, with estimates of N276,279,960,667.35 (Two hundred and seventy-six Billion, Two hundred and seventy-Nine million, Nine hundred and sixty thousand, six hundred and sixty-seven Naira, thirty-five Kobo.
The budget was subsequently committed to the House Committee on Finance and Appropriation for in-depth study and further legislative process.
The Leader of the House, Rt. Hon. Peter Odey (Ogoja) stated that from the estimates, N92,007,302,780.40 representing 33.30% is to be spent on Recurrent Expenditure while N184,272,657,886.95 representing 66.69% is for Capital Expenditure.
He added that Recurrent Revenue amounting to N102,654,642,620.19 includes proceeds from Statutory Allocation, VAT, IGR and other Federal Accounts while Capital receipts amounting to 165, 043,320,734.66 will be funded with, Grants of 25,000,924,951.22, Loans amounting to 131,053,384,183.40, and miscellaneous Receipts of 8,989,011,600.04.
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Chairman of the House Committee on Finance and Appropriation Hon. Sunday Achunekang (Obanlikwu) described the budget as achievable.
He added that it will address the economic realities of the State and help the Government record outstanding achievements.
Also Speaking, the Member representing Boki ll, Rt. Hon. Hilary Bisong, commended the Governor for the proposed rehabilitation of Rural Roads across his constituency which will benefit his constituents greatly.
