The Executive Chairman of Ika South Local Government Area, Hon. Hilary Ibude, has presented a budget proposal of N1.5 billion to the council?s Legislative Arm.
The 2009 Budget which is christened ?Budget of Actualization and Consolidation? he said will enable his administration to deliver the much expected dividends of democracy to the people on whose mandate they came into office.
The council boss, earlier in his address said that within the short space they operated, they have made great strides in infrastructural facilities development through the tacit support and co-operation of members of the Legislative Arm.
Hon Ibude stated that Ika South Local Government Council propose to spend the sum of N1, 503, 908, 210.00 (One billion, five hundred and three million, nine hundred and eight thousand, two hundred and ten naira) for it?s services for 2009 financial year made up of Recurrent Expenditure of N691, 358, 210.00 (Six hundred and nine million three hundred and fifty eight thousand, two hundred and ten naira) and capital expenditure of N812, 550, 000.00 (Eight hundred and twelve million, five hundred and fifty thousand naira).
The break down of the budget for the year 2009 is as follows:
a. Recurrent Expenditure – N691, 358, 210.00
(i) Personnel Cost – N332, 274, 980.00
(ii) Overhead Cost – N236, 750, 230.00
(iii) Consolidated Revenue Fund – N90, 805, 000.00
(iv) Public Debt Service – N31, 528, 000.00
b. Capital Expenditure – N812, 550, 000.00
(i) Economic Sector – N432, 050, 000.00
(ii) Social Service – N88, 500, 000.00
(iii) Area Development – N69, 000, 000.00
(iv) Administration – N223, 000, 000.00
Hon. Hilary Ibude stressed that greater fund was allocated to the Economic Sector, precisely construction of roads/drainages under the Capital Expenditure as it is the desire of his administration to deliver the much expected dividends of democracy to the people on whose mandate they came into office.
Finally, the Chairman appealed to members of the Legislative Arm to consider the budget estimates with all sense of responsibility and commitment and give it the required approval.
Responding on behalf of the honourable members, the Leader of the Legislative Arm, Hon. Agboile Ignatius thanked the chairman for the consistency in the presentation of the budget stating that they will look into the budget, and give it the attention it deserved.