HomeNEWSAkwa Ibom assembly passes N142.7bn supplementary budget into law

Akwa Ibom assembly passes N142.7bn supplementary budget into law

The Akwa Ibom State House of Assembly has on Tuesday passed the a supplementary budget of N142.72 billion into law

The sum is made up of N39.30 billion recurrent expenditure and N103.42 billion capital expenditure.

The Executive had on Tuesday, September 14, 2021, sent in a supplementary budget to the House, urging it to augment the initial 2021 budget of N456.3 billion for her to carry out its programmes.

The bill was later given an accelerated hearing and was read the first and second time.

The Chairman, House Committee on Appropriations and Finance, Rt. Hon. Uduak Odudoh, presenting his committee’s report, disclosed that during deliberations at committee level, the Hon. Commissioner for Finance explained that the supplementary budget is borne out of the need to realign priorities in line with the Completion Agenda of the Governor Udom Emmanuel-led administration.

“The supplementary budget as explained by Hon. Commissioner for Finance Dr Linus Nkang and Hon. Commissioner for Economic Development, and Ibom Deep Seaport , Mr Akan Okon were basically meant to cater for effects of inflation, escalating foreign exchange rates on priority and key programmes and projects of the government to make for effective and on- schedule delivery,” he added.

After considering the report at the Committee of Supply, the Bill was read the third time and passed into law.

The Speaker of the Assembly, Rt. Hon. Aniekan Bassey directed the Clerk, Mrs Mandu Umoren, to communicate the decision of the House to the executive arm of government.

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