APICO REMITS ZERO FUNDS TO GOVT FOR 18YEARS

APICO REMITS ZERO FUNDS TO STATE COFFERS FOR 18 YEARS – BARR. UDOMFANG

The Chairman Akwa Ibom Property and Investment Company Ltd (APICO), Barr. Patrick Udomfang said his administration is the first to remit moneys to the state coffers since 2001.

He said this today while briefing the Committee on Finance and Appropriation of how far the Agency has fared in the year 2020 during the ongoing budget defence exercise of the Akwa Ibom State House of Assembly.

According to him, “We have been able to generate N5million as Internally Generated Revenue (IGR) to the State from December 2019, when he resumed office, to October, 2020. APICO has not generated any fund to the state since 2001 to 2019.”

In his brief, the Chairman said in the year 2020, there has been no release for overhead cost and capital expenditure. Though there has been the total release of N231, 378,687.69million for Recurrent Current (Personnel Cost) between January to October, 2020.

For 2021 budgetary provision, the sum of N333,223,312.00million has been proposed for personnel cost.

APICO has made a supplementary request of N50million as capital expenditure for 2021.

The Chairman, House Committee on Appropriation and Finance, Rt. Hon. Uduak Odudoh has urged MDAs who missed their schedule dates without official permission to avail themselves of the remaining days for the exercise as there will be no extension.

©Enwono-Abasi Elisha

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