Abia State Governor, Alex Otti, has officially signed the 2024 Appropriation Bill of N567.2 billion into law after its recent passage by the State House of Assembly.
During the signing ceremony on Thursday, Governor Otti expressed confidence that the 2024 budget would play a pivotal role in transforming Abia State from its current state of underdevelopment to a path of growth and progress.
“This is a budget that would take Abia State out of underdevelopment to development. 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,” Governor Otti declared.
Highlighting the deliberate strategy behind the budget allocation, Otti explained that the ratio of 84% for capital expenditure and 16% for recurrent expenditure was intentional. He emphasized that the focus on capital expenditure, including infrastructure development, reflects the government’s commitment to accelerating economic growth.
“That we devoted 84% of the budget to capital expenditure is not an error. Every kobo we intend to borrow will go into infrastructure or be mapped out to infrastructure,” Otti affirmed.
Governor Otti stressed that borrowed funds would strictly contribute to capital expenditure, expressing confidence that the budget would attract both foreign and local investments, boost businesses, enhance security, and position Abia for heightened development.
Commending the State House of Assembly for their prompt passage of the bill, Otti thanked the Speaker and members for their contributions to the legislative process.
The Speaker of the House, Rt Hon. Emmanuel Emeruwa, reiterated that 84% of the budget is allocated to capital expenditure, ensuring a positive impact on the lives of Abia residents. The Speaker emphasized the goal of operationalizing the 2024 Budget from January 1, 2024, underscoring the commitment to timely implementation.
The signing ceremony was attended by Members of the State House of Assembly, Commissioners, Special Advisers, and the Accountant General of the State.
