 |
| Governor Bassey Otu |
A review of the 2025 approved budget for Cross River State has revealed that the Cross River State government plans to borrow N175 billion in the fiscal year, despite the state’s already staggering debt profile.
According to the budget document obtained by SaharaReporters, the total budget for the year stands at N538.5 billion, meaning that 32.5% of the state’s budget will be financed through borrowing.
Notably, the planned borrowing of N175 billion exceeds the N106 billion allocated for personnel costs in 2025. Additionally, while the government intends to borrow N175 billion, it has also earmarked N50 billion for debt servicing within the same year.
Data from the National Bureau of Statistics, obtained by GRASSROOT REPORTERS for the second quarter of 2024, reveals Cross River State’s current debt profile. The state’s internal debt stands at N210,981,210.33, while its foreign debt is $155.49 billion.
Despite the significant allocation for debt servicing, key sectors in the state have received considerably lower budgets. For instance:
- The Ministry of Science and Technology is allocated N3.324 billion.
- The Ministry of Power and Renewable Energy receives N14.3 billion.
- The Ministry of Water Resources is budgeted at N1.6 billion, with the Rural Water and Sanitation Agency receiving N466.3 million.
- The State Universal Basic Education Board has an allocation of N6.5 billion.
- The Ministry of Health is set to receive N24.935 billion, with the Primary Healthcare Development Agency allocated N3.305 billion.
Social Plugin