Gov Otu signs N296bn Cross River 2024 budget into law

Otu said that he had given directive for early submission of the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper.

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Gov Otu signs N296bn Cross River 2023 budget into law
Gov. Bassey Otu signing the 2024 budget into law

Gov. Bassey Otu on Friday signed the state N296.985 billion 2024 budget, christened Peoples first budget, into law.

Speaking at the ceremony at the Governor’s Office, Calabar, Otu said that the budget was made up of N180 billion capital expenditure and N116 billion recurrent expenditure.
He said that the budget was about N96 billion higher than the N250 billion submitted to the state House of Assembly for consideration.

The governor said the increase was predicated on the need to provide adequate financial support for the persons living with disabilities.

“The increase in the budget allocation for this community is not just a necessity but a moral imperative to erase social imbalance of this special demographics as they are a vulnerable group.

“This increase will facilitate better access to healthcare, assistive technologies, education, and employment opportunities tailored to their capabilities; it is not just a fiscal decision but a statement of our values as a society.

“In addition, there is an upscale budgetary provision for payment of gratuity, debt services, counterpart funds, nutrition activities, social protection, climate change and gender responsive budget,” he said.

He said that his administration was committed to prudent spending, effective governance, and unwavering dedication to the welfare of the people.

Otu said that he had given directive for early submission of the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper.

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He said to achieve the laudable objectives of the budget, his administration would further intensify revenue mobilization effort.

“We hope to surpass our revenue targets, therefore, revenue-generating agencies, and indeed all Ministries Department and Agencies (MDAs) must ensure prompt and full remittances of collected revenues,” he said.