Thursday, 5 December 2019

C/River loses $3 million for failure to present budget before 4th week of October


Gov Ben Ayade (in front) of Speaker Eteng Jonah Williams 
5 December 2019 

Cross River State has lost the sum of three million dollars ($3 million) for failure to present the 2020 appropriation law on or before the last working day of October 2019 NEGROIDHAVEN has garnered. 

According to the Public Finance Management Law, the appropriation bill for the succeeding year is expected to be presented to the State House of Assembly 'On or before the last working day of October' according to our source.

The Department for International Development DFID, a United Kingdom government department responsible for administering overseas aid, promote sustainable development and eliminate world poverty reportedly gives a $3 million grant to support sub-national entities etc. DFID gives this grant in pari parsu with the Public Finance Management Law. 

However, Cross River State governor, Sir Ben Ayade, Thursday, 21st November 2019 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.

Tagged 'Budget of Olimpotic Meristemasis,' it has a capital expenditure of N911 billion representing 82.8 percent of the budget and a recurrent expenditure of N188 billion, representing 17.2 percent of the budget.
Ayade described the budget as one that is anchored on a belief 'in the spiritual force which is the third energy.' 

The presentation of the 2020 appropriation bill also violated the Fiscal Responsibility Act 2007 as domesticated in the state in 2011 by Gov Liyel Imoke for failing to craft the budget proposal with a Medium Term Expenditure Framework MTEF. 

Subsequent publications will state the exact section and rendition of the law including other details. 




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