Cross River State governor, Senator Bassey Otu, has presented his 2024 budget estimates worth N250 billion to the state House of Assembly.
The budget is titled the People’s First Budget and is aligned with some Sustainable Development Goals (SDGs) of the United Nations.
Giving a breakdown of the estimates, the governor said capital expenditure will gulp N154,000,000,000 (One Hundred and Fifty-four Billion Naira) only; while the sum of N96,000,000,000 (Ninety-six Billion Naira) only is proposed for recurrent expenditure.
The governor disclosed that during the next fiscal year, the State Government is expecting the sum of One Hundred and Thirty Three Billion Three Hundred Million Naira (N133,300,000,000) from the federation account (FAAC), while independent revenue is estimated at Thirty Five Billion Three Hundred and Twenty Two Million Seven Hundred and Forty Seven Thousand Five Hundred and Ninety Four Naira (N35,322,747,594).
Key features of the budget as presented by Governor Otu indicates that “the State Electrification Agency (SEA) shall be empowered to provide power to our rural dwellers and semi urban areas.
“The foregoing informed the allocation of a whopping sum of One Hundred and Fifty Four Billion Naira (N154,000,000,000) for capital expenditure.
“This is a clear departure from the norm in recent times where recurrent expenditure exceeds capital expenditure”, the governor said. [TheWill]
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