Governor Liyel Imoke of Cross River State, has called for a downward revision of the 2014 budget christened “Budget of Progression” from one hundred and eighty billion, one hundred and forty-five million, seven hundred and sixty-three thousand, two hundred and twenty-four naira, forty-six kobo (#180,145,763,224.46) to one hundred and seventy-three billion, seven hundred and forty-six million, one hundred and fifty-four thousand, six hundred and eight naira, fifteen kobo (#173,746,154,608.15).
The proposed review was contained in a letter dated 20th October, 2014, signed by the Governor and sent to the Cross River State House of Assembly.
According to the letter presented by the Speaker, Rt. Hon. Larry Odey, which read in part “in the course of implementing the budget, emergent issues and developments ensued that needed prompt attention, which led to the alteration of the budgetary provisions for capital services and margin for increased cost.”
A breakdown of the revised budget sum indicated either increased or lower provision to various sectors with an inclusion of Eight million naira (#8m) for the Department of Natural Resources and the Agricultural sector.
It would be recalled that the 2014 budget on the 30th October, 2013, was presented to the Cross River State House of Assembly and accented to by the Governor, Liyel Imoke on 3rd January, 2014. The request for a revision of the 2014 budget was referred to the House Committee on Finance and Appropriation to return to the House in two weeks.
In a related development, a stakeholders meeting was commenced by the House of Assembly to discuss the proposed revision of the 2014 budget. The State Economic Adviser, Prof. Ndem Ayara explained that the reason for the review was due to developments that were not planned for.
Ayara explained further that the low level of expected in-flow was another reason for the review in order to reprioritize and re-allocate resources for effective and efficient implementation of government programmes and projects.
The Chairman, House Committee on Finance and Appropriation, Jacob Otu Enyia, said the meeting was part of the budget process to enable the House interface with stakeholders in order to highlight the reason for the needed review.
Present among other stakeholders were the Special Adviser, Governor’s Office, Nzan Ogbe, Special Adviser, Department of International Donor Corporation, Roy Ndoma Egba and Special Adviser, Debt Management Department, Francisca Effiom.
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