The Cross River State Governor on Monday presented the 2016 budget estimate for the state with over 270 percent increase.
This is as the governor also announced that he would soon appoint envoys to the United Kingdom, United States of America, Japan and many other Eastern, Western and African countries.
He said the state is also set to create more ministries including that for Oil and Gas which he will personally oversee as commissioner.
The ministries are, Ministry of Power, Ministry of Finance Incorporated, Ministry of Solid Mineral Development, Ministry of Petroleum Resources, Ministry of Infrastructure and Special Projects and Ministry of Commerce and Industry.
Others are: Ministry of Transport and Marine Services, Ministry of Communication Technology, Ministry of Culture and Tourism Development, Ministry of New City Development, Ministry of Social Housing and Ministry of Establishment and Training.
Following the confirmation of 28 Commissioners by the Cross River state House of Assembly, the governor had written to inform the lawmakers that he is creating 12 ministries in addition to the existing 16 to make up 28.
Speaking on the 2016 budget estimate put at N350 billion, Ayade said it was christened “Budget of Deep Vision” and that his “intention is to expand governance beyond the ordinary level and this is why I am creating new and more ministries and appointment of vibrant, young and intelligent persons as our envoys to foreign countries and international institutions.”
He urged Cross River State indigenes not be afraid of where funds would come from for the running of ministries and other projects, adding that he would make judicious use of the available resources for the good of the people.
According to the governor,
- Economic sector is to be allocated N179,727,830,404.00 representing 51.41%
- Social Services: N53,009,294,029.00 representing 15.21%;
- Regional Development will take N53,443,575,772.00, representing 15.31%
- while General Administration will gulf N63,219,299,785.00 representing 18.1%.
“In a quest to develop the state, we have tried to ensure that the public expenditure structure that prioritizes a higher capital budget over recurrent is maintained. The 2016 budget is thus structured on deliberate principle of capital/recurrent budget ratio of 84%: 16 %.
Offering further insight, he maintained that “The opinion of this ratio is that while the state is industrialized and developed, the individuals will also feel the impact of governance.”
According to him, “This shall be done by creating employment opportunities for our youths in response to our desire to liberate families from the jaws of hardship by the wages of honest labour.?”
Ayade pointed out that “There is no doubt, as a pivotal state in Nigeria that adopted the budget system of Medium Term Budgetary Framework, it has benefitted immensely through the buy-in from MDAs, especially the realistic forecast for the succeeding year.”
Source: Daily Independent Ng
Follow us on Twitter at @Riverinenews
Copyright 2014 Riverine News.
Permission to use portions of this article is granted provided appropriate credits are given to http://riverinenews.com/ and other relevant sources.