…Capital expenditure tops with 61.6%
By Abasi Ita, Calabar
Cross River State Governor Bassey Otu on Thursday presented a budget estimate of N250 billion for the 2024 fiscal year to the State House of Assembly. The budget, tagged “The People-First Budget,” allocates 61.6% to capital expenditure and 38.4% to recurrent expenditure.
Otu said that the budget is focused on consolidating on the gains of his predecessors and enhancing the welfare and wellbeing of the citizens and residents of the state. He noted that the capital expenditure allocation is a departure from the usual norm and is a demonstration of the state’s commitment to the provision of much-needed infrastructural facilities in rural and urban areas.
The budget will target the completion of projects initiated by previous administrations, payment of remunerations and other statutory obligations to civil servants and retirees, grants, livelihood support, vocational trainings, and empowerment programs.
Otu revealed that the budget will be funded from the monthly federal allocation, donor funds, and collective financial obligations of the citizenry. He urged residents to pay their taxes and levies at when due to enable the government to actualize its proposed development agenda.
The governor also highlighted his commitment to the socio-economic transformation of Cross River through agriculture and mechanized agriculture. He said that the state will leverage its comparative advantage in agriculture to create job opportunities, reduce youth restiveness, and ensure food sufficiency.
Other key areas of the budget include education, health, environment, infrastructure, and youth development.
The Speaker of the State House of Assembly, Rt. Hon. Elvert Ayambem, applauded the governor for adhering to the state’s fiscal law by presenting the budget before the October 31 deadline. He expressed the readiness of the lawmakers to ensure speedy passage of the 2024 fiscal estimate.
Ayambem also harped on the need for legislative autonomy, noting that it is urgent to deepen democracy and promote good governance. He urged the governor to collaborate with his colleagues in other states to look into the matter and avert the looming strike action by the Parliamentary Staff Association of Nigeria.
Summary
Cross River State Governor Bassey Otu has presented a budget estimate of N250 billion for the 2024 fiscal year, with 61.6% allocated to capital expenditure and 38.4% to recurrent expenditure. The budget is focused on consolidating on the gains of previous administrations, enhancing the welfare and wellbeing of citizens and residents, and providing much-needed infrastructural facilities. The budget will be funded from the monthly federal allocation, donor funds, and collective financial obligations of the citizenry. The governor has also highlighted his commitment to the socio-economic transformation of Cross River through agriculture and mechanized agriculture. Other key areas of the budget include education, health, environment, infrastructure, and youth development. The Speaker of the State House of Assembly has applauded the governor for adhering to the state’s fiscal law and has expressed the readiness of the lawmakers to ensure speedy passage of the budget. He has also harped on the need for legislative autonomy, noting that it is urgent to deepen democracy and promote good governance.