Professor Ben Ayade, the Executive Governor of Cross River State has for the first time explained the reason behind the decision to present NGN1.3 trillion as estimated spending for the year 2018. Adding that, “it was because the investment outlay for the year is more than that”.

Ayade disclosed this while addressing the Kasuk 2 community in Calabar when during a ground breaking ceremony for the USD1 billion Calabar Virgin City which is a partnership arrangement with Mark Sino construction coy limited.

He said that: “When we gave a budget of NGN1.3trillion Naira, I knew why my budget was 1.3 trillion because my investment outlay for the year is actually going to be much more.

“Doing a 276 kilometers six lane superhighway, fully digital plus a deep seaport of 20 meters draft, the deepest port with a three kilometers shoreline.

“That is the biggest port in Africa. The road is the biggest in Africa from the poorest state in Nigeria.

“It means that the man sitting there… I can’t say all of these if I don’t know what I am doing. Why am I a Professor? Why am I a Lawyer? Why am I a Senator? I know what I am doing.

“So, when I announced the budget what happened? a lot of investors started coming. There must be a lot of money ready to be spent in Cross River State. And they started coming.

“Now, their (Mark Sino) investment is one billion dollars. That is over 360 billion, almost 30 percent of my budget has been met.

“From my 1.3 trillion, I am already sure that I have at least 360 billion from my 1.3 trillion budget because the sophistry and understanding of a budget is providing a vehicle and a warehousing structure where the concepts, dreams and visions of a state organ is warehoused.

“And, a budget is the aspiration of a government. Unfortunately over time, instead of the application of the deficit budgeting strategy, we have gone for the enveloped strategy which is limited by scope, applicability and use”.

Governor Ayade had on November 30, 2017 presented the 2018 appropriation bill tagged; “Budget of Kinetic Crystallisation” with a view that it will cater for the state’s infrastructure needs for the next decade.

The budget drew mixed reactions from residents and Nigerians has since passed second reading in the house and is expected to be passed into law with minimal legislative resistance.

Source: https://calabarreporters.com/31275/ayade-finally-explains-budget

he took his time to think out all his lies

I thought he will be explaining what Kinetic crystallization means

Mr Professor, I thought budget is basically income and expenditure plan over a period of time based on vision. you need to tutor some of us on how a proposed Investment of $1 billion dollars by a private investor becomes part of your N1.3 trillion budget for 2018.

Lol trust him he says. Anyway the 20 meter draft would be huge. I read the site has shallow natural draft of 6 meters though. The super highway toll are estimated to take 100 years to pay off highway.

AIT's Rasheed Olanrewaju reports that the designed and the preliminary work of Bakassi Deep seaport project have been completed with the construction ready to commence in the first quarter of 2018.

Mynd44:
I thought he will be explaining what Kinetic crysallization means

Like a professor of chemistry...

kinetic crystallization? this is how they were lying at someone executive meeting

“Now, their (Mark Sino) investment is one billion dollars. That is over 360 billion, almost 30 percent of my budget has been met.

If the Calabar virgin city project that the private company wants to develop was captured in the state government's N1.3trillion budget, then this statement makes lots of sense. It simply means part of the budget will be financed by a private public partnership arrangement. If not, the governor is talking nonsense.

Prince081:
Mr Professor, I thought budget is basically income and expenditure plan over a period of time based on vision. you need to tutor some of us on how a proposed Investment of $1 billion dollars by a private investor becomes part of your N1.3 trillion budget for 2018.

Is direct investment not part of income for budgets?

seunmsg:


If the Calabar virgin city project that the private company wants to develop was captured in the state government's N1.3trillion budget, then this statement makes lots of sense. It simply means part of the budget will be financed by a private public partnership arrangement. If not, the governor is talking nonsense.

Obasanjo should have added the investments by MTN, Econet, Glo to his budget, Jonathan would have done well to include the bazaar of portfolio investors that flooded Nigeria to swell his budget. I wonder Amosu is waiting for he should also add the foreign investment to his state budget.
This prof is a real clown

Ovamboland:




Obasanjo should have added the investments by MTN, Econet, Glo to his budget, Jonathan would have done well to include the bazaar of portfolio investors that flooded Nigeria to swell his budget. I wonder Amosu is waiting for he should also add the foreign investment to his state budget.
This prof is a real clown

If the project was initiated by the state government and captured in the budget then the governor is very correct.

seunmsg:


If the project was initiated by the state government and captured in the budget then the governor is very correct.

He said this:

“So, when I announced the budget what happened? a lot of investors started coming. There must be a lot of money ready to be spent in Cross River State. And they started coming.

“Now, their (Mark Sino) investment is one billion dollars. That is over 360 billion, almost 30 percent of my budget has been met.

except i am missing something he just said a private investment of $1bn is captured in the state budget, how can that be right?