Otu presents N987.8bn Cross River 2027 fiscal estimates

…Earmarks N708.4bn for capital projects

Governor Bassey Otu of Cross River State, on Wednesday, presented a proposed N987.8 billion budget for the 2027 fiscal year to the State House of Assembly, christening it the “Budget of Consolidatation and Renewed Hope:” and reaffirming his administration’s commitment to sustainable development, fiscal discipline and inclusive economic growth.

Presenting the estimates in Calabar, Cross River State Capital, Governor Otu described the budget as more than an aggregation of figures, characterising it as “a solemn and sacred pact laden with the trust, expectation and aspiration of the people for their improved livelihoods.”

He said its successful implementation would depend on prudent resource management, accountability and disciplined public expenditure, underscoring his administration’s determination to translate its social contract with the people into tangible improvements in their living conditions.

The proposed budget, valued at precisely N987,808,089,235.92, represents an increase of approximately 2.57% over the 2026 budget. Capital expenditure accounts for N708.43 billion, representing 71.72% of the total provision, while recurrent expenditure stands at N279.38 billion, or 28.28%. 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.

Governor Otu explained that the 2027–2029 Medium-Term Expenditure Framework and Fiscal Strategy Paper provided the foundation for the estimates, adding that the budget would sustain ongoing programmes while opening new pathways for investment, employment creation and improved public services. “The imperative of this exercise underscores our collective resolve to chart a sustainable course for the growth and development of our dear State,” he declared.

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.

He further clarified that the naira value of external debt had been affected by currency devaluation and foreign-exchange liberalisation. “I cannot, and will never mortgage the future of our children with unsustainable loans,” Otu declared, pledging 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 N963.07 billion to accommodate urgent interventions and counterpart-funding requirements. Among the achievements highlighted was the delivery of more than 608 kilometres of interconnected road projects across the three senatorial districts, including the Nsan–Oban Road in Akamkpa, the Adiabo–Ikoneto Road in Odukpani and the Yahe–Ebo–Wanakade Road in Yala.