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Akwa Ibom loses 40% of projected revenue

By on January 6, 2014

he Akwa Ibom State Government said it lost 40 per cent of its projected revenue in the 2013 fiscal year due to a shortfall in the income to the state.

The Commissioner for Finance, Mr. Bassey Akpan, said the 2013 fiscal year was the most challenging period since the state governor, Mr. Godswill Akpabio, assumed office in 2007.

He stated that the loss in revenue was not only peculiar to Akwa Ibom State as the Federal Government also experienced a shortfall in its estimated revenue, which was below 34 per cent for the year.

Akpan said this in Uyo on Thursday during the budget briefing/public hearing on 2014 appropriation bill, organised by Akwa Ibom State House of Assembly.

He stated that after experiencing the shock of 2013, the state government had been very careful as it adopted $74 benchmark for crude oil sale at 2.4m barrel per day against the Federal Government’s $79.

Akpan said, “Most times we are faced with the challenges of shortage of funds despite the fact that we have budgeted that we are going to do certain activities across board, across all the sectors of the state economy.

“But in the course of implementing the budget, coupled with the challenges we face, as regards fund availability, our people are always anxious to know what has happened to the budget as it has fallen short of their expectation.

“We can tell you with all amount of honesty and transparency that we have pursued the programmes that we have set up for Akwa Ibom people since 2007 with the greatest sense of responsibility, sincerity and commitment to ensuring that we leave Akwa Ibom State far better than we met it.

“The fiscal year 2013 had been the most challenging since the emergence of Governor Akpabio’s administration.

“Akwa Ibom State Government lost 40 per cent of its projected revenue. I know in recent times we have been following news in the national media that even the National Assembly has said that based on what they have seen, the performance of the FG budget as of September or October 2013 was below 34 per cent.

“That is also in line with the issue of cash backing for most of our projected programmes. So, the shortfall in revenue was not peculiar to Akwa Ibom State, it is a national challenge.”

The commissioner predicted a tougher time ahead in the country, but assured the state that Akpabio would be guided by his commitment to demonstrating competence, sincerity as well as match the state’s receipts with specific programmes with a view to making life better and more meaningful for the people.

He added that the biometric data, which the state adopted for the year, had saved the state N6.5bn, which it deployed in other sectors of the economy.

He advised other agencies of government, including state education board to adopt biometric data as it would help in curbing ghost workers.

[Punch]