ABAKALIKIâ€”IN order to consolidate on itsÂ gains, fulfill promises to the people as well as meet unforeseeable challenges next year, the Ebonyi State Government has budgeted N76. 205billion, for the 2010 fiscal year.
Governor Martin Elechi read out the appropriation, yesterday at the chambers of the State House of Assembly,Â where he presented the Appropriation Bill before the State House of Assembly in Abakaliki for perusal and passage into law.
The amount represents a 4% increase from the 2009 appropriation. 38% or N28. 881billion is for recurrent expenditure while 62% or N47. 323billion was appropriated for capital expenditure.
The Governor said the proposed budget would hopefully be funded through five channels, including carried forward savings (2%), Internally Generated Revenue, IGR, (8%), statutory allocation from theÂ federal account (30%), FGâ€™s capital receipts (31%) and loans (29%).
Tagged â€˜budget of hope,â€™ the Governor said that even though the IGR was 8%, it was the minimum and expected to grow, given the revenue enhancement innovation the government had put in place.
He also stressed that it had become inevitable that the board of internal revenue, would be automated in the coming year, while the e-payment system would take effect in the same year,Â which the Governor said would reduce leakages of the IGR.
Governor Elechi also said that the government will be raising N20b through bonds market,Â which will be used to offset high interest short term facilities obtained from some commercial banks. â€œThe said