C/River has over N3bn in reserve fund – Commissioner

Cross River State Commissioner for Finance, Asuquo Ekpenyong Jr, has disclosed that the state now has over N3 billion in reserve fund that could be withdrawn from to meet urgent investment obligations if the need arises.

The commissioner disclosed this while making clarification that the state did not lose out from the World Bank grant of N43 billion from which some states have benefitted, maintaining that having fulfilled all requirements the state will still benefit from the grant before the year ends.

Ekpenyong said the state reserved fund was sourced from different sources and contributions.

He clarified: “This reserved fund is independently managed by professional firms of fund managers.  This fund has grown higher than previous administrations. It is an investment fund.”

To facilitate the state’s access to the World Bank grant, the commissioner said that World Bank officials would soon visit the state to assess the extent of budgetary compliance in the state as a requirement.