By Ogar Monday
Cross River State has moved up 4 places, from 7th, becoming Nigeria’s 4th best-performing state-behind Rivers, Kaduna, and Lagos in the 2022 fiscal performance ranking done by BudgIT. This civic-tech organization works to expand budgetary transparency and accountability in governance.
An analysis of the report released within the week and seen by CrossRiverWatch shows that the State fared poorly in the “ease of doing business” category, ranking 27th out of the 36 States in Nigeria. Cross River outperformed Oyo, Kwara, Borno, Kano, Abia, Edo, Delta, Zamfara, and Taraba States.
In terms of debt; “The five most indebted States are Lagos, Kaduna, Rivers, Ogun, and Cross River and are responsible for 37.09% of the total subnational debt.” Cross River State’s $279 Million is the 3rd highest foreign debt owned by any State, while the N159 Billion domestic debt is the 6th highest in the country.
On the positive side, Cross River State grew its revenue from N94 billion in 2020 to N127 billion in 2021, representing a 34.13 increase in revenue generated, and the State also attracted foreign capital of about $25.85 million, the highest of any South South State.
In a press release announcing the report, BudgIT stated that the States were ranked using their ability to meet operating expenses with only their IGR, percentage year-on-year growth of each State’s IGR, the State’s ability to cover operating expenses and loan repayment obligations with their total revenues without resorting to borrowing, the state debt sustainability, and the degree of State’s prioritizing capital expenditure concerning their operating expenses.