BY PETER OKUTU
ABAKALIKI—GOVERNOR Martin Elechi of Ebonyi State yesterday, presented a budget estimate of N 99,840,505,540.00 to the state House of Assembly.
Presenting the budget, tagged “Budget of Stabilisation”, the governor pointed out that the 2014 Appropriation had a marginal reduction of 4.45 per cent when compared with the 2013 Appropriation of N104,374,364,400.00.
He added that a Supplementary Appropriation would in due course be presented to the House of Assembly as soon as the government considered more favourable external funds with very low interest rates and longer period of refund, rather than domestic lending with very high interest rates and short duration of repayment.
According to him, the sum of N41, 368,355,540.00 or 41 per cent of the budget will be appropriated for core recurrent expenditure, while the capital expenditure has a provision of N53, 473,150,000.00, representing 54 per cent of the budget.
He added that the sum of N62,220,122,730 which represents 62 per cent of the budget, was expected to be generated from the Federal Government, while N17,683,326,190 or 18 per cent of the budget was expected to be generated from internal sources.
He said: “The expected increase in the internally-generated revenue for Fiscal 2014 is informed by the introduction of the electronics revenue system in the state, which improved reasonably, the transparency in the registration of vehicles and elimination of ghost workers and payment platform.
“In the economic sector, agriculture shall be the main thrust. The newly established Agriculture Development Corporation, together with the Ministry of Agriculture, will strive to revolutionise rice production in the state, and any other forms of production in general.
The international market, if not fully completed, will at least be phased to enable the traders put in use the completed segment.
“Under the economic sector also, the road and bridge project will continue to receive the biggest chunk of public sector expenditure.
“In the social sector, the on-going expansion and renovation work done in all our general hospitals will be continued and completed within the new financial year, while procurement of essential items of equipment and furniture will also be embarked on.
“In compliance with the Federal Government’s directive to all the 36 states and Federal Capital Territory, FCT, the 2014 Appropriation adopted the International Public Sector Accounting Standard, IPSAS.”