29 July 2020
His Excellency Sen. Prof. Benedict Ayade the Governor of Cross River State has given insights into why he reviewed the Cross River State 2020 Appropriation Law called Budget of Olimpotic Meristemasis NEGROIDHAVEN can report.
Early this week the Commissioner of Finance, Asuquo Ekpenyong Jnr, during a press briefing organised by the Cross River Internal Revenue complex at the New Secretariat in Calabar the state capital disclosed to journalists that His Excellency considered four issues while reviewing the budget to N147, 130, 166, 966.
According to Ekpenyong the considerations are: the downward projected federation revenues (especially the Cross River State Projected Statutory Revenues Allocation from the federation accounts), the reduction in non-priority capital and recurrent expenditures, allocation of massive expenditure to Covid-19 response programmes and exercises, and finally the financing of budget deficit without accumulation of new domestic arrears.
According to Akpanke Ogar the CRIRS Chief further explained that because of the rattling Covid-19 pandemic, the Service was operationalising the tax abatement, relief etc previously expressed by Ayade for persons and businesses beginning from February to November.
Recall that NEGROIDHAVEN reported that the governor presented an appropriation bill of one trillion, one hundred billion, one hundred and sixty seven million, five hundred and seven thousand naira, nine kobo, for the 2020 fiscal year: https://www.negroidhaven.org/2019/11/ayade-presents-n11-trillion-budget-for.html?m=1
