BY UKET OKA, Calabar
The governor of Cross River State, Prince Bassey Edet Otu, has signed the 2024 ‘People-First’ Budget of N296, 985, 631, 978, 1 kobo into law.
The signing of the 2024 State Budget by the governor which came barely 24 hours after the State House of Assembly passed the budget Thursday held Friday at the temporary office of the Governor’s Office in Calabar, the State capital.
The budget outlay has the economic sector topping with N104, 986, 870, 898.59 billion.
Though the Governor had proposed a budget size of N250 billion with N154 billion as capital expenditure and N96 billion for recurrent expenditure, the State House of Assembly jerked it up by N46 billion to N296.9 billion.
The new budget also has a capital expenditure of N180 billion and recurrent expenditure of N116 billion.
Speaking at the budget signing, Governor Otu said, “the increase is predicated on the need to provide adequate financial support to our people living with disabilities which I requested for, after laying the Budget proposal before the State House of Assembly.”
He added that: “The increase in the budget allocation for this community is not just a necessity but a moral imperative: to erase social imbalance of this special demographics as they are a vulnerable group. They require specialized care, adaptive equipment, and access to resources that accommodate their unique needs.”
The governor maintained that the increase would also facilitate better access to healthcare, assistive technologies, education, and employment opportunities tailored to their capabilities, stressing that, “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 stated.
He further assured of his administration’s commitment to prudent spending, effective governance, and unwavering dedication to the welfare of the people.
“Towards this end, I have directed that efforts be made to ensure the earlier submission of the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper.
“To achieve the laudable objectives of the 2024 Budget, we will further intensify our revenue mobilization efforts,” he said.
Aware of the dwindling revenue inflow in the State, Governor Otu also noted that, “I am optimistic about our ability to finance the budget with creative funding options, adding that, “we hope to surpass our revenue targets.”
He charged revenue-generating agencies, and all Ministries, Departments and Agencies (MDAs) to ensure prompt and full remittances of collected revenues.
Daylight Reporters gathered that, when presenting the 2024 budget estimates to the State House of Assembly on October 26, 2023, the governor said, “We have prioritised a higher capital expenditure over recurrent expenditure in our public expenditure structure.x
“As a deliberate principle, we have maintained a higher capital–recurrent expenditure of 61.6% to 38.4%.
“This not only emphasizes 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,” he also noted.
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.
It would be recalled that the Cross River State House of Assembly Thursday passed the 2024 Appropriation Bill of N296, 985,631,978.01 into law.
The passage of the bill followed, the presentation and adoption of the report of the Committee on Finance and Appropriation by its Chairman and member representing Yakurr I State Constituency, Hon Cyril Omini.
Announcing the passage of the Appropriation Bill, the Speaker of the House of Assembly, Rt. Hon. Elvert Ayambem, expressed appreciation to the members of the Finance and Appropriation Committee as well as other lawmakers for their commitment and dedication towards the expeditious passage of the budget.