By Emma Una
Governor Ben Ayade of Cross River State, yesterday, in Calabar, presented an Appropriation Bill of N301 billion for 2017 to the state House of Assembly for approval.
Presenting the budget, Ayade said that it was intended to project economic activities in the state, and would focus largely on the construction of the 260 kilometres super highway and the deep sea port.
According to him, a total of N226.48 billion, representing 75.2 per cent of the budget, is for capital expenditure, while personnel cost and overhead stood at N56.78 billion and N17.93 billion, respectively.
The governor said statutory allocation during the period was projected at N41.67 billion, while N76.70 billion was expected as donation and grants from international support agencies.
“From the economic recovery programme of the Federal Government, we are projecting that Cross River State would benefit to the tune of N38.47 billion. The projected investors fund is put at N63.83 billion. This gives us a gross budget estimate of 2017 to be N301billion. The 2017 budget will improve the economic status of the state and also improve on the welfare of all Cross Riverians.
“We are aware of the present economic challenges in the country, but we must explore other means of generating revenue rather than depend solely on federal allocation,” he said.