Governor Otti Signs 2024 Budget N567.2BN
...Says Every Kobo Borrowed Will Be Used For Capital Expenditure
Abia State Governor, Dr. Alex Otti, OFR, has assented to the 2024 Appropriation Bill of N567.2 billion, recently passed by the State House of Assembly.
Speaking shortly after signing the bill into law, Governor Otti said the budget will take Abia State out of underdevelopment to development.
“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.”
He noted that 84% percent of the entire budget is devoted to capital expenditure while 16% is for recurrent expenditure,
“That we devoted 84% of the budget to capital expenditure is not an error. If you went through the details of the budget, you will find out that every kobo we intend to borrow will go into infrastructure or mapped out to Infrastructure. Our discussions are on and we believe that as we require the funding, we will get them.”
The Governor maintained that every money borrowed to finance the budget will be channeled to capital expenditure. He said the budget will spur foreign and local investment, secure the State and prepare it for the next level of development.
“So, it is a budget that would spur investment into the state both foreign and local, attract businesses, spur the large scale and medium businesses, secure the state and prepare it for the next level of development.
Dr. Otti commended the the Speaker and members of the State House of Assembly for a great job done which led to the expeditious passage of the bill
Earlier, the Speaker of the House, Rt Hon. Emmanuel Emeruwa, who said that 84% of the budget is for capital expenditure while the 16% is for recurrent expenditure, added that the budget will touch the lives of Abia people positively.
According to him the aim of passing the budget before the 31st of December this year is to ensure that the 2024 budget begins from the 1st of January next year.
Also speaking, the Deputy Speaker, Rt Hon Austin Nmeregini assured that the 2024 budget is one that will make a difference in Abia and pledged that the House will carry out its oversight functions towards the implementation of the budget.
On his part, the Chairman, House Committee on Budget and Planning, Hon. Mathias Umeh said that they worked tirelessly to ensure the speedy passage of the bill adding that they would continue to monitor the budget through oversight to ensure full implementation of the budget.
The event attracted Members of the State House of Assembly, Commissioners, Special Advisers, Accountant General of the State among others.