By Chibuike Nwabuko
Abuja (Sundiata Post) – Governor Alex Otti of Abia State 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 on Thursday, 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,” he said.
“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 be mapped out to Infrastructure. Our discussions are on and we believe that as we require the funding, we will get them,” the governor added.
He maintained that every money borrowed to finance the budget will be channeled to capital expenditure. According to him, 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,” Otti said.
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 today, Governor @alexottiofr , in the company of principal officers from the Abia State House of Assembly and prominent government officials, officially endorsed the 2024 Appropriation Bill, transforming it into law. I extend commendation to the Governor for his pic.twitter.com/Dlxbr9I0RV
— Rt. Hon. E. I. Emeruwa (EIE) (@RtHonEmeruwa) December 28, 2023
Earlier, the Speaker of the House, Emmanuel Emeruwa, who said that 84% of the budget is for capital expenditure while 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.
