N351, 285,000,000 was voted for capital projects. The budget tagged “budget of Consolidation”, will take effect from January 1, 2013
The Speaker, Rt. Hon. Samuel Ikon urged the executive after the passage of the Bill to continue to exercise fiscal discipline in the implementation of the budget. He said that the fifth assembly would do its best to leverage development in the state through the making of good laws.
Governor Godswill Akpabio had on November 20, 2012 presented a budget outlay of N459,305Billion made up of N188,790billion for recurrent expenditure and N340,515billion for capital projects and programmes to the house. The budget represents a recurrent-capital ratio of 1:3. The House has augmented the total budget size by a sum of N10,770,000,000 for capital expenditure while N5,000,000 is for recurrent expenditure.
While presenting the report to the House, the Chairman, House Committee on Appropriation and Finance, Hon. Barr. Onofiok Luke informed the Speaker and members that despite complaints by Ministries on non release of funds to execute some projects, “the performance of some Ministries in 2012 budget was fantastic and this made the Committee to realize government priorities. He expressed the hope that the expectation of Governor Akpabio’s government to execute all projects earmarked for implementation/completion during the past and present administration will be fulfilled
The Chairman, House Committee on Finance and Appropriation, Hon. Barr. Onofiok Luke, said that the committee had examined the budget as his Committee proceeded to hold, for the first time a public hearing on the bill on Thursday December 6-14, 2012 during which fifty executive of ministries Extra-Ministerial Departments appeared before it to defend the estimates of their respective establishments.
Prompted by the need to have an on the spot assessment of situation on ground for the purpose of industrialized/consolidated budget, the committee undertook inspection tours to some capital projects, viz; the new terminal centre and second runway atIbom International Airport, 20th Anniversary Hospital at Ekit Itam, Itu and the site for Akwa Ibom State Independent Electoral Commission(AKISIEC), Udoudoma Avenue. He commended members for their support.