The State Economic Team was led by the Commissioner for Finance, Dr Michael Odere, while the Assembly Committee was chaired by Hon. Cyril James Omini, representing Yakurr I State Constituency.
By Frank Ulom
·
Published on November 10, 2026
·
3 min read
The Cross River State House of Assembly Committee on Finance and Appropriation has engaged the State Economic Team on the proposed ₦987.81 billion 2027 budget ahead of the commencement of budget defence by Ministries, Departments and Agencies (MDAs).
The interactive session, held at the Assembly Complex in Calabar, provided an opportunity for lawmakers to examine the economic assumptions, fiscal priorities and policy direction underpinning the proposed budget.
The State Economic Team was led by the Commissioner for Finance, Dr Michael Odere, while the Assembly Committee was chaired by Hon. Cyril James Omini, representing Yakurr I State Constituency.
In his opening remarks, Omini said the engagement was organised to give committee members a clearer understanding of the economic framework and considerations informing the 2027 budget before the detailed examination of individual MDA proposals.
He emphasised the need for full participation by all MDAs in the forthcoming budget defence, stressing that the committee would subject their submissions to rigorous legislative scrutiny.
According to him, the exercise would ensure prudent resource allocation, value for money and alignment with Governor Bassey Otu’s People First agenda.
During the session, lawmakers sought clarifications on the implementation and performance of the 2026 budget, strategies for attracting foreign investment, the state’s revenue generation drive, debt management framework and the progress of ongoing capital projects.
Responding, the Commissioner for Finance, Dr Michael Odere, described the 2027 budget proposal as a strategic fiscal instrument designed to expand the state’s economy, sustain ongoing development programmes and consolidate the achievements of the present administration.
He reaffirmed Governor Otu’s commitment to expanding the state’s revenue base, strengthening human capital development and implementing policies aimed at building a prosperous, peaceful and resilient Cross River State.
Odere disclosed that the proposed 2027 budget stood at ₦987.81 billion, comprising ₦708.43 billion, representing 71.72 per cent, for capital expenditure and ₦279.38 billion, representing 28.28 per cent, for recurrent expenditure.
The commissioner explained that the proposal represented a significant increase over the 2026 budget, expressing confidence in the state’s economic outlook and prospects for improved fiscal stability and growth.
Also contributing, the Chairman of the Cross River State Internal Revenue Service, Mr Edwin Okon, alongside the Special Adviser on Budget and the State Economic Adviser, explained that the proposed budget was anchored on the theme of consolidation for sustainable growth and development.
They said the fiscal plan placed emphasis on delivering measurable improvements in the living conditions of residents.
The officials described the proposal as realistic and expressed optimism that improved revenue performance and cash inflows in 2027 would strengthen the state’s capacity to finance its development priorities.
The engagement comes ahead of the detailed budget defence by MDAs, during which the Assembly Committee is expected to examine proposed allocations, assess their justification and determine their consistency with the state’s development objectives.
