Bakassi Posts 2022 Budget Proposal of N3.59 Billion With The Theme ” Budget Of Reconstruction”

PRESS RELEASE

Bakassi Posts 2022 Budget Proposal of N3.59 Billion With The Theme ” Budget Of Reconstruction”

The chairman of Bakassi Local Government Area, Hon Chief Iyadim Amboni Iyadim, has presented the 2022 Budget Proposal of N 3,594,154, 599.00 with the theme ” Budget Of Reconstruction” to the legislative arm of Bakassi Local Government Council

According to Iyadim while explaining the source and amount of the budget proposal, Opening Balance is N 106,338,778.00 , Internally Generated Revenue N 38,542,356.00 , State Statutory Allocation N 200,000,000.00 , Federal Statutory Allocation N 1,322,023,819.00 , Value Added Tax N 944,819,738.00 , Miscellaneous N 602,427,907.00 , Loans N 200,000,000,.00 , and Grants N 180, 000,000.00

The chairman further stated that, ” The expenditure priorities of government remain Human Capital Development, Economic Diversification including agriculture and infrastructure development, and promoting good governance “

“The continued implementation of the programs and projects embedded in these sectors will support the reconstruction ot our economy in 2022. The composition and allocation of government expenditure for the 2022 financial year reflect these priority areas” , he emphasized

He further explained that the Recurrent Expenditures will amount to N 1,203,788,769.00 (33.49%) , Capital Expenditures N 2,390,356,829.00 (66.51%),

A breakdown shows that Economic Development is allocated N 324,852,278 (28.73%), Social Service Development N 141,839,801.00 (11.67%), Environmental and Regional Development N 460,936,617.00(37.93%) and General Administration N 287,547,310.00(23.66%)

He posited that in raising the much needed revenue, ” we would ensure that the actions taken by the government do not worsen the woes of the general populace. To tackle this, we will undertake projects that will have residual effect on the economy, like the construction of an abattoir at Ikang will give employment,add to the aesthetics of Ikang and generate revenue

Responding after receiving the budget proposal, the Leader of Bakassi Legislative Council, Hon Edem Ekeng Effiom, commended the executive for a job well done and and assured that as legislators , they are ready to pass it on time because of its focus on the development of Bakassi

Effiom while lauding the chairman for constructing a modern motor park at Ikang and a health center Ine Abasi, hoped the implementation of the budget will commence before the end of the year

He said the legislature will work in tandem with the executive to ensure Bakassi Local Government Area takes its pride of place among other local government areas

Frank Inyang
SA Media/ Press Secretary