Cross River State Governor, Senator Bassey Otu, has proposed a N987.8 billion budget for the 2027 fiscal year, dedicating more than 70 per cent of the spending plan to capital projects as his administration pushes infrastructure and economic development.
Presenting the Appropriation Bill before the State House of Assembly in Calabar on Wednesday, Otu said the budget, tagged the “Budget of Consolidation and Renewed Hope”, was designed to sustain ongoing investments and improve public services across the state.
Of the total estimate, N708.43 billion has been earmarked for capital expenditure, representing 71.72 per cent of the budget, while N279.38 billion is allocated to recurrent spending.
Infrastructure received the largest sectoral allocation with N246.1 billion, followed by education with N99.6 billion and health with N85.4 billion. Agriculture, aviation, power and tourism also received significant allocations.
The governor said the budget was built on the 2027-2029 Medium-Term Expenditure Framework and aimed to drive economic expansion through strategic investments rather than increased borrowing.
Defending his administration's fiscal policy, Otu said Cross River had avoided taking fresh domestic or foreign loans since assuming office in 2023, despite economic pressures and inherited debt obligations.
“I cannot, and will never mortgage the future of our children with unsustainable loans,” he declared.
The governor noted that debt servicing obligations and the impact of naira devaluation had constrained public spending, but insisted that the state was pursuing alternative funding sources through improved internally generated revenue, federal allocations and private sector investment.
Highlighting achievements recorded in 2026, Otu cited the construction and rehabilitation of more than 608 kilometres of roads, expansion of rural electrification projects, agricultural support programmes and investments in healthcare and education.
He also pointed to ongoing efforts to position the state as a major agricultural hub, revealing an N18 billion offtake arrangement to support farm production and market access.
“There is no food security without agriculture,” Otu said, adding that his administration was working towards making Cross River a leading producer of cocoa and oil palm in Nigeria.
The governor further highlighted progress in aviation, including the acquisition of an additional aircraft for the state's fleet, ongoing work at the Obudu Cargo Airport, and plans linked to the proposed Bakassi Deep Seaport project, which is expected to attract substantial private investment.
He urged lawmakers to grant speedy consideration to the budget proposal, assuring residents of prudent resource management and accountability in the implementation of the spending plan.
The proposed budget represents a 2.57 per cent increase over the revised 2026 budget and signals the administration's intention to sustain infrastructure-led development in the coming year.
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