In a significant development for the state of Calabar, Governor Bassey Otu has officially signed the ‘Peoples First’ Budget, amounting to N296,985,631,978.1k. The signing ceremony took place on Friday in the temporary office of the Governor’s Office in Calabar, as reported by the Chief Press Secretary to the Governor, Emmanuel Ogbeche.
The economic sector emerges as the primary focus of the budget, receiving a substantial allocation of N104,986,870,898.59 billion. Governor Otu had initially presented the budget estimates to the State House of Assembly on October 26, emphasizing a deliberate prioritization of higher capital expenditure over recurrent expenditure in the public expenditure structure.
Governor Otu stated during the presentation, “We have maintained a higher capital–recurrent expenditure ratio of 61.6% to 38.4%, underlining the importance of structural development and demonstrating the State’s commitment to providing much-needed infrastructural facilities in both rural and urban centers.”
While the Governor initially proposed a budget size of N250 billion, with N154 billion allocated to capital expenditure and N96 billion for recurrent expenditure, the Assembly increased it by N46 billion, resulting in the finalized budget of N296 billion. The revised budget distribution comprises N180 billion for capital expenditure and N116 billion for recurrent expenditure.
Addressing the budget signing ceremony, Governor Otu clarified the reasons behind the increase, stating, “The additional allocation is dedicated to providing adequate financial support to our citizens living with disabilities, a request I made after presenting the Budget proposal before the State House of Assembly.”
He further explained, “This is not merely a fiscal decision but a moral imperative to address the social imbalance faced by this vulnerable group. The increased budget will facilitate better access to healthcare, assistive technologies, education, and employment opportunities tailored to their unique needs.”
Governor Otu highlighted other key areas of focus in the budget, including an upscale provision for payment of gratuity, debt services, counterpart funds, nutrition activities, social protection, climate change, and gender-responsive budgeting.
Assuring a commitment to prudent spending and effective governance, Governor Otu directed efforts towards the early submission of the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper. He stated, “To achieve the laudable objectives of the 2024 Budget, we will further intensify our revenue mobilization efforts.”
Acknowledging the challenges of dwindling revenue inflow, Governor Otu expressed optimism, saying, “I am confident in our ability to finance the budget with creative funding options. Revenue-generating agencies and all MDAs must ensure prompt and full remittances of collected revenues to surpass our revenue targets.”
Key highlights of the budget include allocations to the economic sector (N104,986,870,898.59 billion), general administration (N95,815,641,732.54 billion), law and justice (N7,947,139,687.33 billion), regional sector (N1,262,390,126.52 billion), and social sector (N86,973,489,533.02 billion).
