Gov Otti Gives Assent To ₦567.2 Billion Budget, Says Every Kobo Borrowed Will Be Utilised For Capital Expenditure
Abia State Governor, Dr. Alex Otti, OFR, has signed into law the 2024 Appropriation Bill of N567.2 billion, recently passed by the State House of Assembly.
The all important event was communicated in a press release signed by the Chief Press Secretary to the Governor, Kazie Uko.
Caption: Speaker, Rt Hon Emeruwa, presenting the passed Appropriation document to Governor Otti. With him (seated) is Deputy Speaker, Rt Hon Nmeregini.
Governor Otti, while signing the bill on Thursday, December 28, 2023, said the 2024 Budget would move Abia from its current level 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,” the Governor declared.
Caption: Governor Otti making his speech shortly before signing the 2024 Appropriation Bill.
He noted that the budget ratio of 84% for capital expenditure and 16% for recurrent was not a mistake but a deliberate plan to accelerate the growth of Abia economy within a short space of time.
“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,” he affirmed.
The Governor maintained that every money borrowed to finance the budget would be channeled to capital expenditure, adding that the budget is expected to excite foreign and local investment, spur large scale and medium businesses, secure the State and prepare Abia for the next level of development.
Governor Otti commended 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 affirmed that 84% of the budget is for capital expenditure while 16% is for recurrent expenditure, said that the budget would touch the lives of Abia people positively.
According to him the aim of passing the budget before the 31st of December 2023 is to ensure that the 2024 Budget becomes operational from the 1st of January 2024.
Also speaking, the Deputy Speaker, Rt Hon Austin Nmeregini assured that the 2024 Budget is one that would make a difference in Abia and pledged that the House will carry out its oversight functions towards its implementation.
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.
The 2024 Budget signing ceremony was witnessed by Members of the State House of Assembly, Commissioners, Special Advisers, Accountant General of the State, among others.
