Bakassi LG To Spend N1.5 bn

The Bakassi Local Government Area in Cross River State is to spend a total of N1,580, 692,673 in the 2011 fiscal year, the council Chairman, Dr. Ekpo Ekpo Bassey, has announced.

Presenting the budget estimate at the council’s legislative chamber recently, Dr Bassey said the amount takes care of both recurrent and capital expenditures.

According to him, a total sum of N821, 847,658, will be spent on recurrent expenditure while capital expenditure, will gulp N678, 797,692.

The “Budget of Consolidation” he emphasised shows an increment of N383, 771.523 over that of 2010 representing 24.28 per cent.

Dr. Bassey mentioned the revenue sources for the budget to include internally generated revenue  of N8,025,000m; statutory allocation from State Government, N29, 458, 272; statutory allocation from Federal Government, N784, 364, 386m: transfer from consolidated revenue Fund, N276,280,999m; opening balance, N2, 174, 128m; VAT, N169, 883,230m; grants, N200m;and excess crude oil share, N386, 787, 657.

He said the local government will spend N241, 633,856m on personnel costs overhead costs will gulp N117,180,130m, and consolidated revenue fund charges  will be N186,752,673m under the recurrent expenditure.