By Akpan Udo-Inyang
CALABAR -Governor Bassey Otu of Cross River State Wednesday presented a proposed ₦987.8 billion budget for the 2027 fiscal year to the State House of Assembly.
Christening it the “Budget of ConsolidationG and Renewed Hope” the governor reaffirmed his administration’s commitment to sustainable development, fiscal discipline and inclusive economic growth.
The proposed budget, valued at precisely ₦987,808,089,235.92, represents an increase of approximately 2.57 per cent over the 2026 budget with capital expenditure accounting for ₦708.43 billion, representing 71.72 per cent of the total provision, while recurrent expenditure stands at ₦279.38 billion, or 28.28 per cent.
The substantial capital allocation, according to the governor, reflects the government’s determination to prioritise infrastructure, human capital development and productive investments capable of stimulating economic activity.
Addressing concerns surrounding the state’s debt profile, the governor maintained that his administration had refrained from obtaining fresh domestic and external loans since assuming office in 2023.
Citing verifiable indices from the National Bureau of Statistics and the Debt Management Office, he said Cross River remained among the few states that had not contracted new loans during the period.
He attributed the state’s existing debt burden to obligations inherited from previous administrations, explaining that debt servicing had constrained the pace at which available resources could be deployed to development projects.
Otu, further clarified that the naira value of external debt had been affected by currency devaluation and foreign-exchange liberalisation adding “I cannot, and will never mortgage the future of our children with unsustainable loans.”
The governor, pledged to strengthen internally generated revenue, maximise federal allocations and attract development assistance and private-sector investment to finance the state’s development priorities.
Reviewing the performance of the 2026 budget, the governor acknowledged the pressures of exchange-rate volatility, rising operational costs, supply-chain disruptions and inherited debt obligations.
He disclosed that the administration had collaborated with the legislature to enact a supplementary budget, raising the spending framework to ₦963.07 billion to accommodate urgent interventions and counterpart-funding requirements.