Wednesday, September 19, 2018

Ayade presents N1.3trn budget for 2018 — highest ever by a Nigerian state

Ayade presents N1.3trn budget for 2018 — highest ever by a Nigerian state
November 30
18:06 2017
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Ben Ayade, Cross River governor, has presented a budget of N1.3 trillion for the 2018 fiscal year to the state house of assembly.

The budget is the largest for a single state in Nigeria’s history.

Lagos state held the record with its N812 billion budget for 2017, although the state has indicated its 2018 budget may also hit N1 trillion.

Presenting the proposed budget to the house on Thursday, Ayade said it was designed to add value to the socio-economic development and well being of the people of the state.

He also said the budget was meant to ‘crystallise’ what the state has achieved in the past two years of his administration.

The governor said 70 per cent of the budget was for capital expenditure and 30 per cent, recurrent expenditure.

“The 2018 budget of N1.3 trillion, tagged `Kinetic Crystallisations’, is meant to drive the economy of the state to an enviable height,” he said.

“The sum of N126 billion was budgeted for the Ministry of Infrastructure. This is to help us develop critical assets in the state.

“N7 billion was also budgeted for the state job centre with a view to helping us train our unemployed youths with marketable job skills.

“Also, we have budgeted N2 billion for our school feeding programme. In addition to that, we also budgeted N52 billion for social welfare to care for the aged.

“My administration is human friendly and my desire is to ensure that every family has what to eat before going to bed.”

NAN reports that the 2018 budget is far higher than the 2017 budget of N301 billion.

Responding, John Gaul-Lebo, speaker of the assembly, commended the governor for commencing work on the deep sea port and the super highway.

Gaul-Lebo said the two projects, when completed, would attract more investors to the state and improve its revenue profile.

He also assured the governor of the assembly’s continued support for the economic and political growth of the state.

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Exchange Rates

September 18, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
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