Governor Bassey Otu of Cross River State has signed a Supplementary Budget of 141 billion naira into law, elevating the total 2024 budget to 437 billion naira.
The Supplementary budget is in strategic response to inflationary pressures and evolving economic conditions, aimed at address key developmental needs across the state.
During the budget signing ceremony held at his temporary office, Governor Bassey Otu highlighted that the Supplementary Budget represented a significant milestone in his administration’s ongoing commitment to the state’s development.
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The Supplementary Budget earmarks substantial funds for several key areas, including the acquisition of five additional aircrafts for the state-owned airline Cally Air, as well as infrastructure, healthcare, education, and security improvements.
Additionally, the governor announced the expansion of social protection programs under this budget.
Speaking to reporters after the signing, Speaker of the State House of Assembly Elvert Ayambem praised the Supplementary Budget, describing it as necessary and timely intervention.
The revised budget now officially in effect totals 437.87 billion naira, with Personnel/Overhead Costs at 151.68 billion naira, Capital Expenditure at 283.33 billion naira and
Statutory Expenditure at 2.86 billion naira.
(Editor: Paul Akhagbemhe)
