Cross River governor, Prince Bassey Otu, has proposed a budget of ₦987 Billion, 808 Million, 89 Thousand, 235 Hundred, 92 kobo only, for the 2027 fiscal year to the State House of Assembly.
Tagged, “Budget of Consolidation and Renewed Hope,” Otu described the budget as more than an aggregation of figures, characterising it as “a solemn and sacred pact laden with the trust, expectation and aspiration of the people for their improved livelihoods.”
The governor remarked that Infrastructure would gulp N246.1 Billion, Education gets N99.6 Billion, Health takes N85.4 Billion while Agriculture and Aviation get N28.2 and N21.8 billions each, respectively.
Others, Otu mentioned were House of Assembly N20.2 Billion, Judiciary N19.1 Billion, Power N16.6 Billion, Tourism N11.3 Billion, Special duties and intergovernmental relations N10.8 Billion, Science and technology innovation N6.1 Billion, while Information and Women Affairs will gulp N4.7 Billion each , among others.
According to him, the proposed budget indicates an incremental adjustment of 2.57 percent when compared with the previous year’s budget.
He added that out of the budget size, Capital expenditure accounts for ₦708.43 billion, representing 71.72 per cent of the total provision, while recurrent expenditure stands at ₦279.38 billion, or 28.28 per cent of the total budget.
On sources to fund the proposed budget, Otu listed federal allocations, grants from international organisations and donor agencies, internally generated revenues, loans, sales of the state moribund assets as well as state reserve funds, maintaining that the 2027 budget is benchmarked on the United Nations Sustainable Development Goals.
“The decision to continue with the SDG benchmark is to guarantee the continuity of projects and programmes which were not completed in the previous budget year,” he informed.
On concerns surrounding the state’s debt profile, the governor maintained that his administration had refrained from obtaining fresh domestic and external loans since assuming office in 2023.
Citing verifiable indices from the National Bureau of Statistics and the Debt Management Office, he said Cross River remained among the few states that had not contracted new loans during the period, attributing the state’s existing debt burden to obligations inherited from previous administrations.
“I cannot, and will never mortgage the future of our children with unsustainable loans,” Otu declared, pledging to strengthen internally generated revenue, maximise federal allocations and attract development assistance and private-sector investment to finance the state’s development priorities.
Offering insight on the 2027 proposed budget, the governor said his administration will continue to construct more roads and bridges, pointing out that existing industries with accompanying employment potentials will be reactivated.
On education, he reiterated the continuation of his administration’s policy on free and compulsory education from primary to junior secondary levels alongside the payment of WAEC fees for students in public schools, adding that Technical and Vocational education will be given priority attention so as to produce job creating graduates rather than job seekers.
“For the reconstitution of the state scholarship board and the directive for the reintroduction of bursary payment and special allowances to indigenous medical students, funds have been provided in 2027 budgets for the implementation,” Otu disclosed.
On health, the governor remarked that the procurement of modern medical equipment and consumables will be his administration’s primary focus in the coming year in a bid to reduce mortality rate among infants and pregnant mothers.
Determined to transform the aviation industry business model into a highly profitable and self sustaining revenue assets for the state, Otu said funds have been allocated to pursue the issuance of CallyAir independent air operators certificate by the air transport licence of the regulatory authority.
He further pledged to sustain a government that is responsive to the needs of citizens, prudent in the management of public resources and accountable to the electorate, emphasising the importance of harmonious relations among the executive, legislature and judiciary as indispensable to peace, stability and shared prosperity.