The 2 tables represent the current standings of the 2022 Fiscal Performance of States.
For starters, Fiscal Performance is the subject measure of the prudent management of resources from its primary mode of generating and expending revenues and the transparency levels of states.
It is the essential indicator for the public sector balance index in terms of revenue accountability, transparency and expenditure.
On table A, Cross River moves up as 4th placed best-performing state slightly behind Rivers, Kaduna and Lagos in the 2022 performance audit – thanks to the intellectual dexterity and determination of Governor Ben Ayade.
What this implies is that the present Administration works to improve the human capital development profile of the state, expand budgetary accountability, thrives to strengthen revenue heads and has a financial strategy that prioritizes capital expenditure.
On table B, Cross River ranks 32nd on the debt-to-revenue ratio, signaling the lowest financial tendency and inability to source local or foreign loans, caused by a debt profile that is above the lending threshold of the state.
The amazing thing is, despite getting the least FAAC in the country (which sometimes comes in negative deficits) occasioned by accumulated debts collected by previous Administrations, struggling IGR post pandemic, yet with tens of thousands on the state’s payroll, Cross River out-ran 32 others, including mega rich states like Delta, Akwa Ibom, Bayelsa, Edo, Enugu, Kano.
Interestingly, negative economic factors caused by the pandemic took a toll on the IGR, federally shared revenue and other factors influenced by forex internationally.
Cumulatively, other economic parameters used for the ratings includes limited dependence on federally distributed revenue for operations, improved business enabling environment, reforms to block financial leakages, introduction of biometric use in payroll management, bank verification use in payrolling, prudence in resourcing and implementation of programs with direct impacts on the citizens.
In working to better the status of the state, Governor Ayade saw the need to explore long term options for economic liberation through his industrialization.
Cross River came out tops in spite of all the setbacks and one keeps wondering 🤔 how Governor Ayade is able to navigate these hurdles and come out strong always.