Senator Liyel Imoke(Middle) With Speaker And Deputy Speaker
SAN FRANCISCO, November 04, (THEWILL) – Cross River State Governor, Senator Liyel Imoke Monday before the House of Assembly presented a budget of N176,310,968,801.07 (One Hundred and Seventy-Six Billion, Three Hundred and Ten Million, Nine Hundred and Sixty-Eight Thousand, Eight Hundred and One Naira, Seven Kobo) for 2014.
Christened “Budget of Progression”, this represents a 17% increase over the 2013 appropriation bill.
According to Imoke, 70% of the proposed budget shall be committed to capital expenditure requirements, while 30% will be earmarked to service recurrent obligations.
“We hope to achieve this projection by raising N30,911,353,745.00 (Thirty Billion, Nine Hundred and Eleven Million, Three Hundred and Fifty-Three Thousand, Seven Hundred and Forty-five Naira only), from internal sources, N50,000,000,000.00 (Fifty Billion Naira only from the Federation Account, and N92,624,615,056.00 (Ninety-Two Billion, Six Hundred and Twenty-four Million, Six Hundred) and Fifteen Thousand, Fifty-Six naira only from capital receipts, while expecting an opening balance of N2,775,000,000.00 (Two Billion, Seven Hundred and Seventy-Five Million Naira only),” he disclosed before the Assembly.
In his address, the Governor said: “In 2014, we shall strive harder to leverage on our revenue sources to boost agriculture and tourism and other sectors of the service economy; create a conducive platform for enhanced foreign direct investment; and, strive to complete all capital projects initiated by this government.
“With the ongoing reforms of the management of the Internal Revenue Service, it is expected that there will be a boost in IGR to achieve our revenue target in 2014. Government shall continue to explore the possibility of raising revenue through the identity management and e-payment back bone project, curbing of revenue leakages through pay direct system on all government transactions, commence back duty tax audit, recovery of withholding taxes from banks, aggressive tax drive on PAYE defaulting firms and reactivate tax offices across the State.
“In 2014, as we face the twilight of this administration, we are compelled by our sense of duty to make a mark on the annals of our great state to consolidate on gains made in 2013.
“We are nevertheless guided by one fundamental principle that capital appropriation takes preeminence over recurrent expenditure thus maintaining our 70%:30% ratio. This is an important tenet of our fiscal prudence which will ensure that we continually prioritize developmental projects and programmes over short-term recurrent expenditure.
“This guiding principle is also important as it is one of the ways we can guarantee that all our ongoing development projects can be completed before the end of this administration in 2015.”
He added that the 2014 presentation of the appropriation bill is a testament of the state’s commitment to ensure that all its projects and programmes are part of a holistic and coherent prospectus of crucial socio-economic development initiatives designed to enhance its economic competitiveness.
Earlier, the Speaker Cross River State House of Assembly, Hon. Larry Odey, who lauded the Governor for his transparency, accountability and developmental strides across the state, noted that it was an eloquent testimony of good governance.
Hon. Odey assured that the Assembly will continue to partner the Executive in all its developmental endeavours to better the lots of the citizenry.
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