The State Assembly on Thursday passed the Budget Estimates and Supplementary Appropriation Bill 2024. The new Budget size is 437,876,029,437.51 (Four hundred and Thirty-seven Billion, Eight Hundred and Seventy-Six Million, Twenty-Nine Thousand, Four Hundred and Thirty -Seven Naira, Fifty-one kobo).
The breakdown of the budget size indicates that N151,684,649,487.66 is for Personnel/Overhead Cost, N283,333,644,824.34 for Capital Expenditure and N2,857,735,125.51 is for Statutory Expenditure.
The passage of the Appropriation Bill followed the adoption and approval of the recommendation of the House Committee on Finance and Appropriation.
The Finance and Appropriation Committee Chairman, Hon. Cyril James Omini (Yakurr I), recalled that the State Governor, Senator Prince Bassey Edet Otu had on Thursday, 18th July 2024, via correspondence addressed to the Speaker, presented the State Estimates and Supplementary Appropriation Bill which was read and laid on the table.
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He added that the bill, after passing through the First and second reading was referred to his committee for detailed scrutiny and to report back within three days.
Omini further stated that “In the course of carrying out its assignment, his Committee adhered to Orders 64 and 66 of the House Rules.”
He added, “This is the first time in about a decade that we would be passing a supplementary Bill as contemplated by the 1999 Constitution (as altered); this is so as in recent times the House has been faced with a downward review of each year’s Budget thus resulting in the amendment of the Appropriation Law instead of passing a Supplementary Appropriation Law.”
The Committee Chairman also recalled that the House had earlier passed the 2024 Appropriation Bill approving a budget size of N296,985,531,978.00 adding that, in the course of implementing the budget, some developments arose, including inflation, which necessitated a supplementary Budget.
A majority of the Lawmakers who contributed to the debate commended the Committee for doing a good job within a short time.
The Lawmakers also observed that the State Governor has carried out so many projects in all sectors within just one year of his administration which necessitated the review.
The House had dissolved into the Committee of the Whole where Members deliberated on the Committee’s report.
In his remarks, the Speaker of the Hpuse of Assembly, Rt. Hon. Elvert Ayambem, expressed gratitude to the Committee for a thorough Job.
He noted that all sectors of the State Economy have been taken care of before calling for a voice vote after which the Supplemental Budget was passed into Law.
