Gov. Bassey Otu signs N104bn supplementary budget into law

Governor Bassey Otu of Cross River State has signed a N104 billion supplementary budget into law, saying the measure will address critical infrastructure needs and ongoing projects in the state.

The budget, passed by the State House of Assembly earlier this week, increases the state’s total appropriation for the 2024 fiscal year and will channel funds into sectors such as road construction, healthcare, education, and security.

Speaking during the signing ceremony at Government House, Calabar, on Thursday, Otu said the supplementary spending plan was necessary to “scale up the pace of development” and “meet pressing obligations” that were not captured in the original budget.

“This supplementary budget is designed to fill urgent gaps and ensure that priority projects are delivered on time for the benefit of our people,” the governor said. “Our administration is committed to prudent management of resources and transparency in all financial dealings.”

He commended lawmakers for the swift passage of the bill, adding, “We will work with speed to ensure that every naira is put to good use in meeting the needs of our citizens.”

The Commissioner for Finance, Mike Odere, explained that the additional funds would be sourced through improved internally generated revenue and other non-debt financing options.

“This is a well-structured supplementary budget with clear priorities,” Odere said. “We are confident it will allow us to complete ongoing projects and initiate new ones without overburdening the state with debt.”

With the new law, Cross River’s 2024 budget now stands at over N400 billion.