Cross River breaks Nigeria’s budget record; hits N1 trillion

Cross River State Governor, Ben Ayade
Cross River State Governor, Ben Ayade

Gov. Ben Ayade of Cross River has presented a budget of N1.3 trillion for the 2018 fiscal year to the Cross River House of Assembly for deliberation and passage, the News Agency of Nigeria reports.

The budget is the largest for a single state in Nigeria’s history.

Lagos state held the record with its N812 billion budget for 2017. The state has indicated its 2018 budget may also hit N1 trillion.

Most states in Nigeria propose budgets at average N150 billion to N300 billion.

The biggest annual spenders are Lagos, Rivers and Akwa Ibom. The entire federal budget for 2018 is a little above N8 trillion.

Gov. Ayade, who presented the budget on Thursday in Calabar, said the proposal was designed to add value to the socio-economic development and well being of the people of the state.

Mr. Ayade, who tagged the budget as “Budget of Kinetic Crystallisation’’, said it was meant to “crystallise” what the state had achieved in the past two years of his administration.

He said the priority of the budget was to develop the state’s deep sea port and the super highway which he said were his two marked projects.

The governor said 70 per cent of the budget was for capital expenditure and 30 per cent,re-current expenditure.

 

According to him, the size of the budget is expected to create room for potential investors, now that the annual construction of the state deep sea port and superhighway has commenced.

He added that the budget was for actualisation and implementation of the state deep sea port, super highway and other laudable projects earmarked for completion.

“The 2018 budget of N1.3 trillion, tagged `Kinetic Crystallisations’, is meant to drive the economy of the state to an enviable height.

“The sum of N126 billion was budgeted for the Ministry of Infrastructure. This is to help us develop critical assets in the state.

“N7 billion was also budgeted for the state job centre with a view to helping us train our unemployed youths with marketable job skills.

“Also, we have budgeted N2 billion for our school feeding programme. In addition to that, we also budgeted N52 billion for social welfare to care for the aged.

“My administration is human friendly and my desire is to ensure that every family has what to eat before going to bed,’’ he said.

The governor further said that the garment factory, with 1,000 workers, would be increased to 3,000 in 2018 as part of his administration’s drive to engage the unemployed in the state.

NAN reports that the 2018 budget is far higher than the 2017 budget of N301 billion.

Responding, the Speaker of the Assembly, John Gaul-Lebo, commended the governor for commencing work on the deep sea port and the super highway.

Mr. Gaul-Lebo said that the two projects, when completed, would attract more investors to the state and improve its revenue profile.

He assured the governor of the assembly’s continued support for the economic and political growth of the state.

(NAN)


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  • FreeNigeria

    You’d think with this amount of money, Coco and Ette will be eradicated

  • marcos avelino

    What is expected for premium times is to tell its readers from where these huge amount will be sourced for a state that is not even an oil producing one. No mention what so ever in this no news article. My be its just an attention grabbing headline.

  • tundemash

    So the Gov added N1tr over last year’s budget without saying where he would get that extra N1tr.
    The matter is like the fake farmer who claimed he planted 100 yams when he actually planted 30yams. When the harvest season comes, he would eat 30 real yams and 70 fake yams; welcome to one chance Cross-River people

    • Tunsj

      Couldn’t have said it better myself.

    • Otile

      Abubakar tundemash,
      Now tell us what you know about the cows roaming around Aso Villa. Bigot.

    • Charlie

      They invested heavily in money rituals infrastructure last year. This is the result of it.

  • forestgee

    Wonders! This must be the financial gymnastics of the century…the chemical component of the revenue is yet to crystallise. The people of Cross River must wait till 2023. One jumbo loan from China will mortgage the State till 2050.

  • Usher- Join The Revolution

    PT, your site is infected!!! 100% analysed and confirmed JS trojan. Meaning anyone who visits your site without an AV or updated browsers gets infected instantly.
    Hardly a vulnerability, and I suspect someone in PT knows about this and tries to hack as many people as possible? Maybe that explains why you guys have leads on some confidential information.

  • wazobia decomposition !!!!!!

    you can bet that half of that budget would be dedicated to the governor and his “co-governor” ……….. his brother …………..

  • Arabakpura

    It is superlative and very ambitious; I pray that he is able to fund the projects and break the yoke of cocoonism in Nigeria! He is a professor afterall!

  • LagLon

    what a nutcase.. surely just a fake budget to hide >80% recurrent.
    what was the performance in 2017?
    i thought cross lost its oil wells to akwa ibom.. to become one of the poorer SS states.
    did they get them back or did i miss something?

    • Tony

      They’ve just discovered new ones….watch out !

  • Nigeriatruth

    The governor must be joking. He probably wants to mortgage the future of the state with huge borrowing. He should learn from Osun, where unrealistic budgeting and reckless borrowing to fund it has impoverished the people.

  • Datti

    Where will the money come from, borrowing? This is just wishful thinking!

    • Tony

      Same question here…how do you intend to raise this sum ?

  • Inah hayes

    A prudent government will fix/dualize the Calabar-Ugep-Ikom-Ogoja Road. That key infrastructure is the lifeline of the state.

  • Charlie

    Shabby journalism, why didn’t PT find out how the budget will be funded before publishing rubbish.

  • Abdullahi Mohammed Salihu

    Wow, I thought these people were marginalized by PMB how comes they manage to propose such huge money ? One eight of Nigerian budget and to be surprise u can still see their people living just like any other Nigerians in poverty, they should ask the state government after the year runs out what have they done with budget, serious questions.

  • Rommel

    Many Nigerians have been to school but very few indeed are educated, the governor stated clearly and I quote “the size of the budget is expected to create room for potential investors, now that the annual construction of the state deep sea port and superhighway has commenced” yet all I see here are these pseudo educated Nigerians scanning to see where they said they would borrow, SAD!!!!!!!!!!!!!. Ambition is the stuff of dreams and if put into practice becomes reality, Nigeria is where we are today because no one wants to dream big, I commend this governor greatly for taking the initiative to create room for expansion of the economy of that state. Investors are looking for where laubadle projects could be executed so they invest, a country as huge as Nigeria cannot attarct investments worth $100 BN needed for offtake of basic economy. I hail this governor.His vision is far ahead of his mentally lazy peers! this is Sam Onunaka Mbakwe reborn only it is in Cross River state

    • olayiwola

      Hmm, bad job of defense! !!! A budget is a statement of projections, not purely of dreams. A budget jumping almost 300% should have ensured that reportage will show the proposed capital sources! !!! Lying is another name for Thiers if facts ORT supppositions are unstated