Governor Bassey Edet Otu of Cross River State has signed into law a budget totalling N296,985,631,978, themed the “People’s First Budget.”
The signing ceremony, held at the temporary office of the Governor’s Office in Calabar, the state capital, on Friday, saw the economic sector taking the lead with an allocation of N104,986,870,898.59.
Presenting the estimates to the State House of Assembly on October 26, the state chief executive stated, “We have prioritised a higher capital expenditure over recurrent expenditure in our public expenditure structure.
“As a deliberate principle, we have maintained a higher capital–recurrent expenditure of 61.6% to 38.4%.
“This not only emphasises the importance of structural development but also a demonstration of the State’s commitment to the provision of the much-needed infrastructural facilities in our rural and urban centres.”
Otu had initially proposed a budget size of N250 billion with N154 billion for capital expenditure and N96 billion for recurrent expenditure. However, the Assembly increased it by N46 billion to N296 billion.
The revised budget entails capital expenditure of N180 billion and recurrent expenditure of N116 billion.
During the budget signing, Otu said, “The increase is predicated on the need to provide adequate financial support to our people living with disabilities which I requested, after laying the Budget proposal before the State House of Assembly.
“They require specialised care, adaptive equipment, and access to resources that accommodate their unique needs.
“This increase will facilitate better access to healthcare, assistive technologies, education, and employment opportunities tailored to their capabilities.
“Therefore, it is not just a fiscal decision but a statement of our values as a society which is espoused by my administration.
“In addition, there is an upscale budgetary provision for payment of gratuity, debt services, counterpart funds, nutrition activities, social protection, climate change and gender-responsive budget.”
Otu continued, “This administration is committed to prudent spending, effective governance, and unwavering dedication to the welfare of our people.
“To this end, I have directed efforts to ensure the earlier submission of the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper.”
Highlights of the budget include economic sector – N104,986,870,898.59 billion; general administration – N95,815,641,732.54 billion; law and justice – N7,947,139,687.33 billion; regional sector – N1,262,390,126.52 billion, and social sector – N86,973,489,533.02 billion.
