Abia State Governor, Alex Otti, has signed the 2024 Appropriation Bill of N567.2 billion, recently passed by the State House of Assembly into law.
During the bill-signing ceremony on Thursday, Otti expressed that the 2024 Budget is expected to propel Abia from its present state of underdevelopment to a phase of growth and progress.
“I want to say that this is a budget that would take Abia State out of underdevelopment to development. The journey of a thousand miles starts with one step. This is the first step, once we get things right, and we know we will get them right, the next few years will be Uhuru for all our people, those living here and those who come from here and our friends,” the Governor declared.
He emphasized that the deliberate allocation of 84% for capital expenditure and 16% for recurrent in the budget was not an oversight but a strategic initiative aimed at rapidly advancing the economic growth of Abia within a brief timeframe.
“That we devoted 84% of the budget to capital expenditure is not an error. If you go through the details of the budget, you will find out that every kobo we intend to borrow will go into infrastructure or be mapped out to infrastructure. Our discussions are on and we believe that as we require the funding, we will get them,” he affirmed.
The Governor affirmed that any funds borrowed to support the budget would be directed towards capital expenditure. He highlighted the budget’s potential to attract both foreign and local investments, stimulate the growth of large-scale and medium businesses, enhance state security, and position Abia for the next phase of development.
Otti praised the Speaker and members of the State House of Assembly for their commendable efforts, leading to the swift passage of the bill.
In an earlier statement, the Speaker, Rt Hon. Emmanuel Emeruwa, reiterated that 84% of the budget is allocated to capital expenditure, while 16% is allocated to recurrent expenditure. He emphasized the positive impact the budget is expected to have on the lives of the people of Abia. The Speaker expressed the goal of making the 2024 Budget operational from January 1, 2024, by passing it before December 31, 2023.
The Deputy Speaker, Rt Hon Austin Nmeregini, assured that the 2024 Budget would bring about positive changes in Abia. He pledged the House’s commitment to overseeing its implementation through rigorous oversight functions.
Chairman of the House Committee on Budget and Planning, Hon. Mathias Umeh, stated that they worked diligently to facilitate the speedy passage of the bill. He affirmed their dedication to monitoring the budget through oversight to ensure its full implementation.
The signing ceremony for the 2024 Budget was attended by Members of the State House of Assembly, Commissioners, Special Advisers, and the State’s Accountant General, among other dignitaries.