The Cross River State Department of Budget Monitoring and Evaluation has prepared and issued the 2024 First Quarter (Q1) Budget Performance Report. The report which is released four weeks after the end of each quarter was published on the 26th of April at the State Internal Revenue Website NEGROIDHAVEN can report authoritatively.
According to the budget office, the performance report, ‘includes the original approved budget appropriation for the year 2024 against each organizational unit for each of the core economic classification of expenditures… the actual expenditures for the quarter Q1, attributed to each organizational unit, as well as the cumulative expenditures for year to date, and balances against each of the revenue and expenditure appropriations’.
A reading of the report suggests that the core economic classification of expenditures are Personnel, Overheads, Capital, Others tagged as Economic Sub-Account Type 21, Economic Account Class 2202, Economic Sub-Account Type 23 and Economic Account Classes 2203-2209 as applicable respectively.
The report observes that for the quarter under review (Q1), the Percentage Performance which is actually against 2024 target had revenue performance for Federal Account Allocation Committee (FAAC) pegged at 60.6%, while the Independent Revenue is fixed at 27.3% for the first quarter of the year.
On the total recurrent expenditure, the report states that the budget performed 15.0% compared to the 2024 target for Q1.
For capital expenditure, the performance is fixed at 1.4% as per the returns from Ministries, Departments and Agencies (MDA’s) in the anticipation that there will be an increment ‘when all MDAs have submitted their actual Q1 2024 returns to the Budget Office.’
Recall that the Cross River State Appropriation Law 2024 was laid before the 10th Cross River State House of Assembly (CRSHA) on 26th of October 2023 by Governor Bassey Edet Otu. The Approved Budget total size is N296 billion with a capital expenditure of N180 billion while recurrent expenditure is fixed at N116 billion. Otherwise called the People-First Budget, the state appropriation law was passed and signed into Law on the 29th of December 2023 by the state governor.
