The All Progressives Congress (APC) in Cross River State has lambasted the state government for not releasing the copies of 2018 budget to the public.
It would be recalled that Governor Ben Ayade on November 30th presented a N1.3tr budget to the State House of Assembly.
It was titled ‘budget of kinetic crystallization’.
Ayade explained that the budget was meant to crystallise what the state has achieved in the past two years of his administration and that the priority was to develop the deep sea port and the super highway, his “signature projects”.
The Governor noted that 70 per cent of the budget is for capital expenditure, while 30 is for re-current expenditure.
But copies of the budget have not been available to the public two months after.
APC in a statement on Saturday stated that the projects contained in the budget are fake because the internally generated revenue and expected federal government allocation to the state cannot accommodate them.
They party said: “The projects on kinetic crystallization budget of N1.3 Trillion are fake because the internally generated revenue and expected federal government allocation to the state cannot accommodate the said budget. Nigeria attracted $86.85bn worth of investment in the first nine months of 2017. Several states took advantage of this portfolio investor’s appetite of the Nigerian market.
“All Progressives Congress challenges Ayade to present his fraudulent kinetic crystallized budget for the people to peruse. It is their right to have copies of their state budget for healthy and constructive criticism.
“APC puts it that there is need for sound corporate governance in other to protect those that may be projecting to invest their funds in the state. There cannot be substantial investment in-flow into any state (Cross River state) without a fast economic growth entrenched in global best practices in both the public and private sector.
“Domestic and foreign investors shall shy away from the state because the governor do not guarantee investors right or provide for adequate corporate disclosures. APC averred that they are several untapped investment opportunities in manufacturing, mining and agriculture.
“APC is committed to achieving the objectives of the plan and getting the economy of Cross River state back on the path of diversified, sustainable growth. Governor Ayade has a poor perception of investment climate, this is because his operating environment is not friendly and lack continuity in governance.
“Ayade has failed woefully, his administration has disintegrated to a point where basic amenities and responsibilities no longer function. The basic need of the state has been stolen and the standard of living of the masses is in decay.
“APC uses this opportunity to encourage the masses to look into a well deserve alternative put forward by the All Progressive Congress. Gov. Ayade’s Cross River state allowed such a lofty opportunity to slip through her hand. Between January to September 2017, Governor Ayade’s Cross River state could not attract any form of investment to their state.
“Based on the analysis of the National Bureau of Statistics (NBS) Ayade’s Cross River state could not contribute a dime to secure any type of investment inflow to the state within the first nine months of last year.
“Impressive financial turnover of several billion of dollars was recorded by many other states in their first and second quarters of the year. Service sector of other states recorded over $732m while production and banking sectors recorded $584m and $267m respectively.
“Investment opportunities abound in Cross River but Ayade and PDP bluntly closed their eyes in areas to improve the level of corporate Governance in public and private sector in order to encourage investors to bring in funds to the state.”
“There must be enabling environment in order to protect those that would invest their funds in the state economy. Investors need to be protected with safe and trouble free environment. It is also important to recognize that only good corporate governance attracts investment in a state.”