Gov. Alex Otti of Abia State on Friday, December 29, 2023 signed the N567.2 billion Appropriation Bill for the 2024 fiscal year into law, with top government officials on hand to witness the event in Umuahia.
Otti broke the news via his X handle, while expressing hope that the budget will prepare the state for the next level of development.
He had on December 13 presented the budget to the state House of Assembly (HOA) with a huge 84 percent dedicated to capital expenditure and 16 percent for recurrent expenditure.
In a speech at the HOA, Otti said that the bill, christened “Budget of New Beginning”, was over N400 billion higher than 2023 budget estimate of N160.5 billion, noting that the 53 percent was alloted for capital expenditure and 47 per cent for recurrent expenditure in the 2023 fiscal year.
He put government’s estimated total revenue at over N166 billion, adding that the revenue would come through earnings from the internally generated revenue channels, Federation Accounts Allocation Committee, grants from multilateral organisations and incomes from other revenue sources.
“We plan to finance the deficit of over N401 billion partly by new borrowings, estimated at N385.3 billion.” He said that about 50 per cent of the borrowing would be sourced externally, while the balance would be procured domestically.
On signing the 2024 bill into budget, Otti said: “I am delighted to announce that I have signed into law the 2024 Appropriation Bill of N567.2 billion, which is aimed at transforming our state from underdevelopment to development.
“The budget is a product of our collective vision and aspiration for a better Abia. It reflects our commitment to invest in infrastructure, security, education, health, agriculture, and other sectors that will improve the lives and livelihoods of our people.
“The budget is also a statement of our fiscal responsibility and prudence. We have allocated 84% of the budget to capital expenditure, while 16% goes to recurrent expenditure. This means that every kobo we borrow will be used for projects that will generate income and create jobs for our people.
“We are confident that this budget will attract foreign and local investors, boost our economy, and prepare us for the next level of development. We are also grateful to the State House of Assembly for their cooperation and speedy passage of the bill.
“I urge you all to support us in the implementation of the budget and to hold us accountable for the delivery of our promises.”
