Abia State Governor, Dr. Alex Otti has presented the 2024 budget of five hundred and sixty seven point two billion naira to the state House of Assembly.
Presenting the budget tagged ” Budget of new beginning” Governor Otti reveals that eighty four percent of the figure is for total expenditure on capital projects while sixteen percent is for recurrent expenditure.
According to the Governor, the 2024 budget of five hundred and sixty seven point two billion naira is forty seven percent increase against the 2023 budget of one hundred and sixty point five billion naira, while pointing out that no money would be borrowed for recurrent expenditure under his watch.
Governor Otti pointed out that his administration has contributed alot in the improvement of health and education sectors as well as security of lives and property of the people of the state noting that plans are underway to revamp some moribund industries in the state in order to boost production of goods and services.
Responding, the Speaker of the Abia state House of Assembly, Rt. Hon. Emmanuel Emeruwa assured of speedy acceleration of the bill by the house.
Earlier, the House passed H.A.B 4, the Abia State of Nigeria, 2023 Local Government Councils Appropriation Bill into law.
The passage of the Bill followed the continuation of its consideration in the committee of the whole and its third reading during today’s plenary.
Recall that the presentation of report from the house joint committees on Appropriation, Budget & Planning and Local Government & Chieftaincy Affairs on the bill took place during last plenary held on Friday December 8th, 2023.
The joint committees had based on her findings recommended that; Councils should adopt new strategies to restructure and expand their revenue base, and Councils should train their budget Officers in budget preparation processes.
This Law when assented to by the Governor would be deemed to have come into effect from 1st January, 2023.