2024 budget estimate: Governor Otu Proposes N250Billion
The Governor of Cross River State, Senator Bassey Otu, has presented an estimated budget of N250 billion for the 2024 fiscal year. The budget, which was presented before the Cross River House of Assembly in Calabar, has been named “The People’s First Budget” by the Governor.
Out of the proposed N250 billion, N154 billion has been allocated for capital expenditure, while N96 billion is earmarked for recurrent expenditure. This allocation reflects the government’s focus on investing in infrastructure and development projects that will benefit the people of the State.
The emphasis on capital expenditure highlights the government’s commitment to improving the state’s physical infrastructure, such as roads, bridges, schools, and hospitals. These investments are crucial for the overall development and progress of the state, as they will enhance connectivity, provide better healthcare facilities, and improve the quality of education.
Additionally, the allocation for recurrent expenditure indicates the government’s dedication to ensuring the smooth functioning of essential services and administrative operations. This includes salaries, pensions, and other recurrent expenses necessary for the day-to-day functioning of the government.
Governor Otu’s budget proposal demonstrates his administration’s commitment to prioritizing the needs and welfare of the people of River State. By allocating a significant portion of the budget to capital expenditure, the government aims to stimulate economic growth, attract investments, and create job opportunities for the residents.
The presentation of the 2024 proposed budget took place on Thursday at the main Chamber of Cross River State House of Assembly Complex, Calabar.
The budget’s focus on recurrent expenditure ensures that the government can effectively deliver public services and maintain the necessary infrastructure.
As the newly elected governor of the state, Otu has recently presented his first budget since assuming office on May 29, 2023. This budget has been designed with a dual purpose in mind: to consolidate the gains made by his predecessors and to prioritize the welfare and well-being of the citizens and residents of the state. Let’s delve deeper into the key aspects of this budget and its potential impact on the state.
Otu’s recognition of the achievements made by his predecessors is a commendable approach. By acknowledging the progress made in various sectors, he aims to build upon the foundation laid by his predecessors and ensure a seamless continuation of development. This approach not only demonstrates a sense of continuity but also fosters a collaborative spirit among political leaders, ultimately benefiting the state and its people.
One of the primary objectives of Otu’s budget is to enhance the welfare and well-being of the citizens and residents of the state. This focus on the people reflects a commitment to addressing their needs and aspirations. By allocating resources to sectors such as healthcare, education, infrastructure, and social welfare, Otu aims to uplift the standard of living and provide a better quality of life for all.
In his budget presentation, the governor said, “We have prioritized a higher capital expenditure over recurrent expenditure in our public expenditure structure. This is a complete departure from the usual norm.
“As a deliberate principle, we have maintained a higher capital expenditure to recurrent expenditure of 61.6 % and 38.4%, respectively.
“This does not only emphasize 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 cities,”
The governor further explained that the budget would aim, among other things, at completing projects carried out by his predecessors, remunerating both government employees and retirees, grants, livelihoods, and professional Training/empowerment.
Otu explains, giving insight into how the budget is funded beyond federal funds and monthly donors.
“To actualize the proposed development agenda based on the aforementioned expenditure profile, we need to collectively make sacrifices in terms of payment of taxes and levies as at when due.
“The State Internal Revenue Service has been repositioned to ensure that every taxable adult is brought into the tax net.”
The governor strongly emphasized his commitment to the socio-economic transformation of the people of Cross River through agriculture as one of its budgetary priorities.
“We shall continue to leverage on the comparative advantage we enjoy in agriculture to create job opportunities in the agricultural value chain to reduce youth restiveness and create a harmonious society because if the youth population is not fully engaged, is a time bomb waiting to detonate.
“Mechanized agriculture shall be pursued vigorously to ensure food sufficiency and zero hunger according to the Sustainable Development Goal Number Two of the United Nations.”
Other preference areas in the proposed budget include education, health, environment, infrastructure, and youth development.
In his earlier speech, the Speaker of the Cross River State House of Assembly, Rt. Hon. Elvert Ayambe thanked the governor for complying with the state’s fiscal laws by presenting the budget before the October 31 deadline and expressed lawmakers’ readiness to continue efforts towards its early passage 2024 budget estimate.
However, he called for legislative autonomy because it was urgent and deepened democracy.
According to the Speaker, he said, “The issue on the front burner is the much talked about legislative autonomy which has taken center stage in both national and international fora. As we are here today, the Parliamentary Staff Association of Nigeria (PASSAN), the umbrella union of the staff of the legislature, has declared industrial action with effect from November 2023, for the failure of the government to grant this autonomy. I hope that Your Excellency, in conjunction with his colleagues in other states, would look into this matter to avert the strike action.”
