Cross River State governor, Senator Bassey Otu, has signed the 2024 Supplementary Budget into law.
The supplementary budget, N141bn added to the 2024 budget envelope of N296bn brings the revised budget to N437bn.
Speaking during the budget signing event at the governor’s temporary office, on Friday, in Calabar, Otu said the Supplementary Appropriation Law was a “significant milestone in our commitment to the development and wellbeing of our state.”
He mentioned that the revision was a response to the inflationary pressures and macroeconomic realities that have influenced government’s financial planning.
“The supplementary budget prioritises key areas crucial to our state’s growth. We are making a strategic investment in purchasing additional aircrafts to enhance our aviation capabilities to address the current situation in our drive towards fostering better connectivity and promoting economic activities.
“In the area of infrastructure, we are dedicating resources to improve our roads, bridges and public facilities, ensuring they meet the needs of our growing population. Our education sector will receive additional support to upgrade schools, provide essential learning materials and ensuring quality education for all our children.
“Healthcare remains a vital focus, with increased funding allocated to hospitals and health centres to improve the quality and accessibility of medical services.
“Security is paramount and this budget includes provisions to strengthen our security apparatus, enhancing the safety and security of our citizens,” he stated.
He also informed the people of the state that with the supplementary budget, his administration will be expanding social protection programmes to support the most vulnerable in communities, providing them with the necessary resources to navigate the present challenging economic times.
While thanking the state House of Assembly for its expedite action that led to the speedy passage of the Supplementary Appropriation Law, he described it as a testament to government’s commitment to the people of Cross River State, which evidently reflects the sheer determination to address current challenges while ensuring a prosperous and inclusive future.
The Revised Appropriation Bill 2024, passed into law by the state Assembly, on July 25, which brings the new budget size to 437,876,029,437.51 (Four hundred and thirty-seven billion, eight hundred and seventy-six million, Twenty-nine thousand, four hundred and thirty-seven naira, fifty-one kobo).
The breakdown of the budget size indicates that N151, 684,649,487.66 is for Personnel/Overhead Cost, N283,333,644,824.34 for Capital Expenditure and N2,857,735,125.51 is for Statutory Expenditure.
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