Abia State Governor, Alex Otti, has formally enacted the 2024 Appropriation Bill amounting to N567.2 billion, following its recent approval by the State House of Assembly.
In his address during the bill’s signing on Thursday, Otti expressed confidence that this fiscal plan would propel Abia from its current state of underdevelopment to a new phase of growth. He emphasized the significance of this budget as the initial stride towards broader progress, foreseeing a promising future for the region and its inhabitants.
Highlighting the deliberate allocation of 84% for capital expenditure and 16% for recurrent spending, Otti stressed that this distribution aimed to rapidly boost Abia’s economy by prioritizing infrastructure development.
“The decision to assign 84% of the budget to capital expenditure is intentional. Every borrowed fund will be strategically directed towards infrastructure development. Our focus is on securing necessary funding to bolster our infrastructure,” Otti affirmed.
Assuring a meticulous allocation of borrowed funds strictly for capital projects, Otti anticipated that this budget would attract both foreign and local investments, foster business growth, enhance security measures, and position Abia for a transformative developmental phase.
Otti extended commendations to the Speaker and members of the State House of Assembly for their swift and efficient passage of the bill, acknowledging their instrumental role in the budget’s realization.
The Speaker, Rt Hon. Emmanuel Emeruwa, echoed Otti’s sentiments, emphasizing the budget’s intent to positively impact the lives of Abia residents. The assembly aimed for an early passage to ensure operationalization of the 2024 Budget from January 1st, 2024.
Additionally, various members of the assembly assured their commitment to oversee the budget’s implementation diligently, ensuring its full execution for the betterment of Abia State.
The momentous event, the signing of the 2024 Budget, witnessed the presence of State House of Assembly members, Commissioners, Special Advisers, and the State’s Accountant General, among other dignitaries.
