Cross Rivers Proposes 173.3bn Naira Budget For 2014

 

The Cross River State governor, Liyel Imoke, has presented a budget proposal of 176.3 billion Naira (about 1.2 billion dollars) for the 2014 appropriation year to the State House of Assembly in Calabar, the State’s capital.

The estimate represents 17 per cent increase over the 2013 appropriation bill.
Giving the breakdown of the budget on Monday, Governor Imoke said that 70 per cent of the budget size would be committed to capital expenditure requirements while 30 per cent would be used to service recurrent obligations.
The governor said that the state would achieve the projection in the budget, which he called; ‘Budget of Progression’, by raising 30.9 billion Naira (about 194 million dollars) from internal sources, 50 billion Naira (about 314 million dollars) from the Federation Account and 92.6 billion Naira (about 583 million dollars) from capital receipts while expecting an opening balance of 2.8 billion Naira (about 17.5 million dollars).
In the economic Sector, Imoke proposed, 87.6 billion Naira representing 50 per cent of the budget, 41.6 billion Naira representing 24 per cent for Social Services, 16 billion Naira representing 9 per cent for Regional Development and 31.2 billion Naira representing 17 per cent for General Administration.