Cross River State governor, Bassey Otu, has presented a 2025 proposal of N498bn for review and approval by the State House of Assembly.
The budget was Christened “Budget of Sustainable Growth,” presented before the state house of Assembly.
Otu stressed that the appropriation bill resulted from extensive consultations with stakeholders across the 18 local government areas of the state, conducted from August 27 to September 12, 2024.
The engagement aimed to gather public input to incorporate into the proposed budget of 2025.
The governor averred that to navigate the tough economic landscape, his administration had adjusted funding for previously planned projects, prioritising critical sectors that would have an immediate impact on residents.
He stressed that as of the third quarter (Q3) of 2024, his administration allocated 72 billion to service the debt that the state owed, stressing that that severely limited the execution of the approved 2024 budget.
For the upcoming fiscal year, Otu proposed a total budget of N498 billion, with N328 billion—about 66 per cent of the budget dedicated to capital expenditures, while recurrent expenditures accounted for N170 billion, roughly 34 per cent.
Otu enumerated sector allocation in the budget as Infrastructure 100 billion, education N81 billion, health N25 billion, judiciary N20 billion, House of Assembly N18 billion, Aviation N16 billion, Special Duties/Intergovernmental Affairs N15 billion, Power N14 billion, Agriculture N11 billion, Tourism N5 billion, Science, Technology and Innovation, N4.7 billion; Women Affairs,N3.7 billion; Information billion, and Others, N181.6 billion.
Otu averred that the main revenue sources for the 2025 budget would be federal allocations, grants from international organisations, and internally generated revenue (IGR).
“Similar to last year’s budget, the 2025 budget aligns with the Sustainable Development Goals (SDGs) to ensure continuity for incomplete projects.
“This led to a focus on: SDG 9-Industry, Innovation & Infrastructure, SDG 4-Quality Education, SDG 3-Good Health and Well-being, SDG 2-Zero Hunger, and SDG 16-Peace, Justice, and Strong Institutions,” Otu maintained.
In his remarks, Speaker of the Cross River State House of Assembly CRHA, Elvert Ayambem, assured that the lawmakers in the house of Assembly would proceed with diligence to ensure the timely passage of the budget.
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