By Chioma Onuegbu
Uyo—DUE to the shortfall in income, Akwa Ibom State only realised 37 percent of what it projected to earn from a combination of the state’s statutory allocation, Internally Generated Revenue and derivation for the 2016 fiscal year.
Speaker of the state House of Assembly, Mr. Onofiok Luke, who was represented by his Chief of Staff, Mr. Umana Paul, disclosed this yesterday in Uyo in his remarks at the third annual Akwa Ibom “Open Budget Forum” organised by Policy Alert.
He said: “This was a serious drawback for government. As a House, we played our oversight role of taking a comprehensive assessment of implementation level of the 2016 budget.
“N423 billion was approved for the 2016 fiscal year, made up of N94 billion for recurrent expenditure, N234 billion for capital expenditure and N85 billion consolidated revenue fund charges. Unfortunately, the targets for that year could not be met due to the shortfall in the state’s income for that year.”
“However, when we compared our meagre earnings to how much we had achieved in the areas of capital infrastructure and the recurrent expenditures made, how much the state government was able to do despite the shortfall, we strongly believe that we have raised the bar in fiscal responsibility and service to the people.”