The Governor of Cross River State Bassey Edet Otu has presented 250 billion Naira Appropriation Bill to the State House of Assembly for the 2024 fiscal year.
Named the “People’s First Budget”, the Budget set aside about N154 billion for capital expenditure, while N96 billion would take care of recurrent expenses with about One Hundred and Thirty-Three Billion, Three Hundred Million Naira (N133,300,000,000) expected as derivable revenue from the monthly Federation Account during the year.
Governor Otu while presenting the document on Thursday to the Assembly for consideration and subsequent approval, indicated that the budget proposal was developed to align with the United Nations development goals’ initiative of zero hunger; industry; innovation; and justice principles.
According to him, the State government is not unmindful of the global economic downturn which has negatively impacted the economic wherewithal of the state and the citizens in general.
He also disclosed that the State Government is expecting the sum of Thirty-Five Billion, Three Hundred and Twenty-Two Million Seven Hundred and Forty-Seven Thousand Five Hundred and Ninety-Four Naira (N35,322,747,594) as independent revenue during the next fiscal year.
Highlights of the sectorial priorities in the 2024 budget estimates indicate that agriculture would receive a huge boost as the State plans to provide farmers with improved hybrid seedlings to enhance greater agricultural development
The governor announced the state government’s preparedness to commence free tuition in public primary and secondary schools across the state, alongside the payment of examination fees for students registering to take the WAEC and NECO.
Other key features of the budget indicate that “the State Electrification Agency (SEA) shall be empowered to provide power to our rural dwellers and semi-urban areas.
Importantly, the Governor said the budget proposal “is a clear departure from the norm in recent times where recurrent expenditure exceeds capital expenditure”.
Earlier in his address, Speaker of the State House of Assembly, Rt Hon Elvert Ayambem drew the Governor’s attention to the various challenges facing the Assembly, noting that these include the absence of operational vehicles to enhance their constitutionally empowered oversight responsibilities.