In a bold move aimed at funding critical infrastructural development and ensuring the economic growth of Cross River State, Governor Bassey Otu has announced plans to borrow N175 billion as part of the 2025 state budget. This decision comes as part of the administration’s strategy to boost key sectors, including infrastructure, education, and healthcare, which are essential for the state's long-term development.
As outlined in the 2025 budget proposal, the borrowing is expected to fund a wide range of developmental projects, addressing the state’s infrastructure deficit and creating a more favorable environment for business and investment. The funds are also earmarked for the revitalization of critical sectors to improve the standard of living for residents across Cross River State.
Governor Otu highlighted that while the borrowing is substantial, it is necessary to drive progress and create sustainable economic opportunities for the people of Cross River. "This borrowing is not only about addressing immediate needs but also about securing the future of Cross River. We are making strategic investments that will ensure our state's development and improve the lives of our citizens in the coming years," Governor Otu said during the budget presentation.
The 2025 budget also places significant focus on debt servicing, with a total allocation of N50 billion set aside for this purpose. The governor emphasized that while managing the state's debts remains a priority, the state is committed to responsible financial management to ensure that borrowed funds are utilized effectively and judiciously.
As part of the fiscal plan, the state government will also work on increasing revenue generation through diversified sources, including enhanced tax collection, partnerships with the private sector, and a renewed focus on tourism and agribusiness. Governor Otu's administration remains committed to improving the state’s financial health and ensuring that investments contribute to long-term prosperity.