Gov. Bassey Otu of Cross River on Tuesday presented a budget proposal of N498 billion for 2025, christened “Budget of Sustainable Growth”, to the State House of Assembly.
Presenting the proposal to the lawmakers in Calabar, Otu noted that the sum of N328 billion representing about 68 per cent of the total budget size was allocated to capital expenditure.
He said that the recurrent expenditure is N170 billion representing about 34 per cent of the total budget.
According to him, the sectorial allocations are as follows: infrastructure, N100 billion, education, N81 billion, health, N25 billion, judiciary, N20 billion, House of Assembly, N 18 billion and aviation N16 billion.
Others are, Special duties/intergovernmental affairs, N15 billion, power N14 billion, agriculture, N11 billion, tourism 5 billion, science, technology/innovation N4.7 billion, Women Affairs, N3.7 billion, information, N3 billion while others will gulp N181.6 billion.
Otu said that the major revenue sources would be from federal allocations, grants from international organisations and Internally Generated Revenue (IGR).
He noted that the budget was benchmarked on the Sustainable Development Goal (SDG), goal nine, four, three, two and 16 to ensure the continuity of projects not completed in the current budget circle.
Reviewing the 2024 budget, Otu said that the unfavorable economic climate in the country occasioned by the devaluation of the Naira for three consecutive times within one fiscal year coupled with the floating of exchange rate, negatively impacted project implementation in the state.
“Consequently, the initial budget provision for specific projects needed to be increased owing to the built-in inflation.
“To maneuver this stormy economic situation, we had to scale down on a number of projects earmarked for implementation while prioritising very critical sectors that had direct impact on the citizenry,” he maintained.
He added that besides the huge debt burden of the state, the government had spent about 73 billion for debt servicing in 2024.
Earlier Mr Elvert Ayambem, Speaker of the Cross River House of Assembly commended to governor for his achievements in the state which included fixing of roads and other infrastructures.
He, however, appealed for an improved power supply in the assembly to enable them carry out their functions effectively.(NAN).
READ ALSO:
- FG Moves to Boost Agricultural Markets, Productivity, Food Security
- Stop importation of fuel, Dangote urges NNPCL, marketers
- NGX: BUA Cement, Tier-1 banks shed N394bn from market cap
- Naira appreciates by 2.4% against dollar at official market
- INEC committed to conducting free, fair, election in Ondo – REC
