Cross River State Governor, Ben Ayade, yesterday in Calabar presented a proposed budget of N350 billion for the 2016 fiscal year to the House of Assembly.
A total of N294.58 billion, representing 84 percent of the budget is for capital expenditure, while N55.41billion, representing 16 percent was earmarked for recurrent services.
Ayade said the increase in the budget size from N149.44 billion in 2015 to N350 billion in 2016 was due to funds from Foreign Direct Investment.
According to him, N53.44 billion will be committed to regional development and N53.009 billion for social services.
A breakdown of the budget shows that under recurrent revenue, N43.20 billion will come from federal sources, capital receipt; N284.44 billion and personal cost; N27.31 billion.
Ayade said the budget tagged ‘’Budget of Deep Vision’’ would give priority to the economic sector in the state.
“We have created 12 new ministries to help drive the economic vitality of the state to a first class state.
“The 2016 budget of N350 billion would improve the economic status of the state and also improve the welfare of all Cross Riverians,’’ he said.
Earlier, Speaker John Gaul-Lebo commended Ayade for initiating the 260 kilometre super highway, flagged-off by President Muhammadu Buhari.
Gaul-Lebo said the road, when completed, would attract more investors to the state, thus improving its revenue profile.
According to him, the assembly has passed nine bills since its inauguration in June.
He assured the governor of the assembly’s continued support for the economic and political growth of the state. NAN

READ ALSO  Yobe blasts: 16 dead, 10 injured - SEMA