Calabar, Cross River State – Thursday, the Governor of Cross River State, Sen. Bassey Otu, took a decisive step towards prudent financial management as he signed the revised 2023 appropriation bill into law. The revised budget, amounting to N250,781,015,661, marks a significant downward review from the previous budget size of N330 billion.
In his remarks at the bill signing event, Governor Otu emphasised the necessity of the budget revision, stating that it was crucial for his administration to operate within a realistic financial framework for the state. He expressed gratitude to the Speaker and the House of Assembly for their expeditious handling of the bill.
“This is the first bill I am signing into law in line with our People’s First agenda. Through collaboration with the House of Assembly, we are determined to achieve the desired results for the people of Cross River State,” Sen. Otu stated.
The Governor further assured citizens that with the implementation of the revised appropriation bill, they would begin to witness tangible dividends of democracy, ushering in improved fortunes for the state.
Explaining the rationale behind the downward review of the budget, Governor Otu highlighted the need to align the budget with the true income indices of the state. The revised bill takes into account the current reality of Internally Generated Revenue (IGR) and the monthly allocation from the federation to the state.
Earlier, Rt. Hon. Ayambem, the Speaker of the House of Assembly, expressed gratitude to his colleagues for their diligent efforts in ensuring the completion of the budget review within a record time.
He commended the prudence exhibited in the revised budget, noting that it accurately reflects the state’s financial income. Rt. Hon. Ayambem assured Governor Otu of the harmonious working synergy between the legislature and the executive, promising cooperation and collaboration to provide good governance to the state.
The revision of the 2023 appropriation bill marks a significant step in the Governor’s commitment to sound financial management, optimizing available resources for the overall development and welfare of the people of Cross River State.
