The Akwa Ibom State House of Assembly on Thursday passed the state’s 2016 Appropriation Bill of N426 billion.
The budget is against the N484 billion budget of 2015.
The budget, as passed by the House, is the same as submitted by Governor Udom Emmanuel on December 22, 2015.
The budget is made up of N94.96 billion for recurrent expenditure, N243 billion for capital expenditure and N88.04 billion as consolidated revenue.
In his presentation, Usoroh Akpanusoh (PDP-Esit Eket/Ibeno), the House Committee Chairman on Finance and Appropriation, urged the executive to implement the budget as passed.
Akpanusoh appealed to the government to ensure that amount appropriated was released accordingly and ensure judicious use of the funds as budgeted.
He directed all Ministries, Departments and Agencies to submit quarterly reports to the House through the various committees on the level of budget implementation and on releases of funds.
He commended the governor for his political will to adopt a transparent and detailed accounting system in preparing the budget.
The Speaker of the House, Onofiok Luke, commended the Committee on Finance and Appropriation for a job well done.
Luke applauded the state government for adopting International Public Sector Accounting Standards for this year’s budget.
He directed the Clerk of the House, Mandu Umoren, to forward the appropriation law to Emmanuel for assent.
The News Agency of Nigeria reports that the 2016 budget is christened: “Budget of Sustainable Development.”
NAN also reports that the policy framework of the 2016 budget was predicated on the actualisation of the economic power base of the state through industrialisation and sustainable public private sector.
NAN.
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