Efio-Ita Nyok|20 February 2016|4:00pm
Sequel to the accent of the House-scrutinised budget by the Executive Governor of Cross River State, Sen. Prof. Ben Ayade, this is what Rt. Hon. John Gaul Lebo wrote few hours ago on his social media account. It's worth reading:
'CRS 2016 Budget.
The CRS Budget 2016 already passed into Law and assented by the Governor is the first budget in the country to domesticate and articulate Service Investment Engineering Model of Funding the Budget..
The Model is adapted from Asia Pacific Funding Strategy for Fiscal Policy and Planning. Under the Model, specific companies are located and provided cash equivalent called cash equity in the Budget. And in place of bringing direct cash contributions in the budget, they are allowed to provide actual work based content in terms of physical activity in construction, manufacturing process, development activities etc. And whatever work content that they bring is estimated and captured as cash equity in the Budget for the purpose of PPP and Concessioning.
The strategy is reserved for companies with technical competence and pedigree, who cannot afford to bring in cash into the budget for one reason or the other. This strategy is useful for the super highway project, Deep sea port etc
John Gaul Lebo'.
In the said budget the Speaker intimates his fans of the fact that the possibility of realising the gargantuan projects in the budget like the 'Signature Projects' of N900 billion is through a designated financial model referred to as 'Service Investment Engineering Model of Funding'. This model is original to the East/Asians. According to the financial model, 'cash equity' which replaces direct cash contributions and allow the designated company to to provide real life work based content in terms of physical activity in construction, manufacturing process, development activities and the like. This may be the genius according to which the House wish to see Ayade's bigger than life projects become concrete realisations.
I personally wish to commend the House for leading other State Houses of Assemblies in that the number of bills passed deliberated upon supercede anything any where else in the country in this political dispensation.
However, I particularly wish to encourage the House to improve in its oversight functions over the Executive Council. In this regard, CRSHA has been perceived to be a rubber-stamp of Governor Ayade.
Efio-Ita Nyok
Is a Blogger & the Editor of Negroid Haven
