Worried by the current socio-economic downturn and financial crisis rocking the country’s economy, Governor Udom Emmanuel of Akwa Ibom State has approached the state House of Assembly, seeking a supplementary budget of N136, 504, 539,000 billion.
This was the major decision reached at the weekend’s State Executive Council (SEC) meeting held at Government House, Uyo, the state capital.
The commissioner for finance, Pastor Uwem Andrew Essien, who came up with the proposal, hinged the intervention on what he described as “inflation, high exchange rate and other accidentals”.
Besides, he said natural disasters that occurred in the last couple of months including floods, landslides that submerged homes and cut-off some roads across the state, were not captured in the budget and required quick intervention by government.
Under the new supplementary appropriation N39, 302,000,000 billion was earmarked to cover recurrent expenditure, while N97, 202,539, 000 billion would be deployed to take care of capital projects in line with the governor’s completion agenda as the administration’s lifespan wanes.
The proposal was unanimously adopted by the members for onward transmission to the state House of Assembly led by the Speaker, Mr. Aniekan Bassey (Uruan) for legislative deliberations in line with due diligence to enhance early passage and assent, to become law.