Otu Calls For Prompt Remittances Of Revenues From MDAs; Signs 2024 Appropriation Bill
By Victor UDU
Governor Bassey Edet Otu of Cross River has called on all revenue generating agencies of government to ensure prompt and full remittances of collected revenues to designated government accounts.
Speaking while signing the 296bn Budget into law, Governor Otu who decried the prevailing dwindling revenue inflow, expressed optimism on the ability of the state to finance the budget with creative funding options and hoped to surpass revenue targets.
He reiterated his administrations commitment to prudent spending, effective governance and unwavering dedication to the welfare of Cross Riverians.
In pursuit of the above intentions of government, Otu directed that the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy paper be submitted early to achieve the objectives of the budget.
A breakdown of the new budget size as passed by the Assembly shows that 180bn was allocated to capital expenditure while 116bn was earmarked for recurrent expenditure.
According to Otu, the increase in the total budget size is necessitated by the need to provide for people with disabilities as demanded after the presentation of the budget to the Assembly.
The Governor disclosed that the decision to ensure adequate provision for the vulnerable was meant to address social imbalance, enhance special care, provide adaptive equipment and access to resources to accommodate their special needs amongst others.
He said the increment was also intended to cover payment of gratuities, debts services, counterpart funds, nutritional activities, social protection, climate change and gender responsive issues.
Breakdown of the people's first budget as tagged shows that N104,986, 870,899.59bn and N95,815,641,732.54bn allotted to economic sector and general administration respectfully while law and justice take N7,947,139,687.33 bn, regional sector gulps N1,262,390,126.52bn and the social sector, N86,973,489,533.02bn.
