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Legislators

Cross River State Approves N642.160 Billion Supplementary Budget for 2025

Strategic Insights

— 1 min read

The Cross River State House of Assembly has approved a supplementary budget of N642.160 billion for 2025, representing a 26% increase over the initial budget of N538.523 billion. According to the Assembly, the supplementary budget is necessary to accommodate critical expenditures not captured in the original budget, including new obligations, emergency spending, and recently approved strategic programs. The budget will be financed through Internally Generated Revenue (IGR), aids, grants, and the Federal Account Allocation Committee (FAAC).

Key Takeaways:

  • The Cross River State House of Assembly approved a supplementary budget of N642.160 billion for 2025, a 26% increase over the initial budget of N538.523 billion.
  • The supplementary budget is necessary to accommodate critical expenditures not captured in the original budget, including new obligations, emergency spending, and recently approved strategic programs.
  • The budget will be financed through Internally Generated Revenue (IGR), aids, grants, and the Federal Account Allocation Committee (FAAC).
  • The key factors necessitating the supplementary budget include new obligations and emergency spending not captured in the original budget, recently approved strategic programs requiring immediate financial backing, and improved outlook from IGR, internal grants, and allocations from FAAC.
  • The budget will introduce an upward adjustment across sectors like administration, economics, law and justice.
  • The speaker of the Cross River State House of Assembly, Elvert Ayambem, averred that the supplementary budget is for citizens' welfare.
  • Chairman of the Finance and Appropriation Committee, Mr. Okon Owuna, presented the report to the House on Tuesday.

Statistics:

  • N642.160 billion: the approved supplementary budget for 2025.
  • N538.523 billion: the initial budget for 2025.
  • 26%: the increase over the initial budget.
  • N142.031 billion: the variance between the original and supplementary budgets.
  • N538.523 billion + N142.031 billion = N680.554 billion: the total budget for 2025, including the supplementary budget.

Sources:

  • [Original source: Not explicitly stated in the text]

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