The State House of Assembly had recently passed the budget before it was signed into law by the governor.
Governor Otti, while endorsing the bill on Thursday, expressed confidence that the 2024 Budget would serve as a catalyst for moving Abia State from its current state of underdevelopment to a trajectory of sustainable growth. He emphasized that the budget’s allocation of 84% for capital expenditure and 16% for recurrent expenditure was a deliberate strategy aimed at accelerating the state’s economic advancement within a short period.
Addressing the significance of the budget allocation, Otti stated, “That we devoted 84% of the budget to capital expenditure is not an error. If you go 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.” He affirmed that funds borrowed to finance the budget would be directed solely to capital expenditure, anticipating that the budget would attract foreign and local investment, stimulate businesses, enhance security, and position Abia for further development.
Governor Otti lauded the State House of Assembly, particularly the Speaker and members, for their swift passage of the bill, facilitating the operationalization of the 2024 Budget from January 1, 2024. The Speaker, Rt Hon. Emmanuel Emeruwa, echoed Otti’s sentiments, emphasizing the positive impact the budget would have on the lives of Abia residents. The Deputy Speaker, Rt Hon Austin Nmeregini, assured that the budget would make a significant difference in Abia, and the House pledged to carry out its oversight functions for effective implementation.
Chairman of the House Committee on Budget and Planning, Hon. Mathias Umeh, highlighted the committee’s dedicated efforts to ensure the prompt passage of the bill and affirmed their commitment to monitoring the budget through oversight to ensure its full implementation. The budget signing ceremony was attended by Members of the State House of Assembly, Commissioners, Special Advisers, and the State’s Accountant General, among others.