Calabar, Nigeria – Cross River State Governor, Senator Bassey Edet Otu, has signed the “Budget of Sustainable Growth” for 2025, amounting to N538.5 billion, into law.
This significant move underscores the administration’s commitment to sustainable development, with a focus on infrastructure as a key driver of economic growth and improved living standards.
The Governor approved the budget on Christmas Eve, alongside the Speaker of the State Legislature, Hon. Elvert Ayambem, who facilitated its legislative approval.
Governor Otu emphasised the administration’s resolve to prioritise infrastructure development, stating:
“Infrastructure is the backbone of sustainable development, and we are resolute in our determination to create world-class infrastructure for Cross River State.”
Budget Highlights
- Capital Expenditure: N333.3 billion (62% of the total budget) is allocated to critical infrastructure projects, including road construction, healthcare, education, and other initiatives designed to spur development and job creation.
- Recurrent Expenditure: N202.6 billion (38%) is reserved for essential operations such as salaries, pensions, healthcare, and education to maintain seamless government functionality.
Legislative Review
The budget was initially proposed at N498 billion in October 2024. Following a review by the legislature’s finance and appropriation committee, the figure was increased to N538.5 billion to accommodate strategic projects and statutory obligations.
Speaker Ayambem commended the legislature’s efficiency in passing the budget, ensuring timely implementation for the new fiscal year.
This 2025 budget represents Governor Otu’s vision of sustainable growth through strategic investments, addressing developmental challenges, and elevating the quality of life for the people of Cross River State.