The All Progressive Congress (APC) in Cross River State has lambasted the state government for not releasing the copies of 2018 budget to the public. It would be recalled that Governor Ben Ayade on November 30th presented a N1.3tr budget to the State House of Assembly. It was titled ‘budget of kinetic crystallization’. Ayade explained that the budget was meant to crystallise what the state has achieved in the past two years of his administration and that the priority was to develop the deep sea port and the super highway, his “signature projects”. The Governor noted that 70 per cent of the budget is for capital expenditure, while 30 is for re-current expenditure.
But copies of the budget have not been available to the public two months after. APC in a statement made available on Saturday stated that the projects contained in the budget are fake because the internally generated revenue and expected federal government allocation to the state cannot accommodate them. They party said: “The projects on kinetic crystallization budget of N1.3 Trillion are fake because the internally generated revenue and expected federal government allocation to the state cannot accommodate the said budget. Nigeria attracted $86.85bn worth of investment in the first nine months of 2017. Several states took advantage of this portfolio investor’s appetite of the Nigerian market.
“All Progressives Congress challenges Ayade to present his fraudulent kinetic crystallized budget for the people to peruse. It is their right to have copies of their state budget for healthy and constructive criticism. “APC puts it that there is need for sound corporate governance in other to protect those that may be projecting to invest their funds in the state. There cannot be substantial investment in-flow into any state (Cross River state) without a fast economic growth entrenched in global best practices in both the public and private sector.