Cross River Governor, Senator Bassey Edet Otu on Tuesday, submitted a 2025 proposal of N498 billion for review and approval by the State House of Assembly.
The budget presentation, titled; “Budget of Sustainable Growth,” took place at the Cross River State House of Assembly in Calabar.
Otu noted that the appropriation bill resulted from extensive consultations with stakeholders across the state’s three Senatorial Districts, conducted from August 27 to September 12, 2024. This engagement aimed to gather public input to incorporate into the proposed 2025 budget.
He highlighted the adverse effects of the country’s challenging economic conditions on the implementation of projects and programs by the State Government, as outlined in the approved Chart of Account, and acknowledged the private sector’s struggles as well.
“To navigate the tough economic landscape, the government had to adjust funding for previously planned projects, prioritizing critical sectors that would have an immediate impact on residents, he stated.
Otu also discussed the state’s substantial debt burden, which he identified as a significant obstacle to developmental progress. As of the third quarter (Q3) of 2024, the State Government had allocated approximately seventy-two billion Naira (N72B) for debt servicing, which 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% of the budget dedicated to capital expenditures, while recurrent expenditures accounted for N170 billion, or roughly 34%.
Sector allocations in the budget include: Infrastructure-N100 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-N3 billion, and Others-N181.6 billion.
The governor stressed 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.
In response, House Speaker Elvert Ayambe assured that the Assembly would proceed with diligence to ensure the timely passage of the budget.
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