Abia State Governor Alex Otti has signed into law the 2024 Appropriation Bill of N567.2 billion, recently passed by the State House of Assembly.
Otti, while signing the bill on Thursday, said the 2024 Budget would move Abia from its current level of underdevelopment to development.
“I want to say that 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, those living here and those who come from here and our friends,” he declared.
The governor noted that the budget ratio of 84 per cent for capital expenditure and 16 per cent for recurrent expenditure was not a mistake but a deliberate plan to accelerate the growth of Abia economy within a short space of time.
“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 mapped out to infrastructure. Our discussions are on and we believe that as we require the funding, we will get them,” Otti affirmed.
He added that the budget is expected to activate foreign and local investment, spur large scale and medium businesses, secure the state and prepare Abia for the next level of development.
Otti commended the Speaker and members of the State House of Assembly for the expeditious passage of the bill.
Earlier, the Speaker of the State House of Assembly, Rt Hon. Emmanuel Emeruwa, affirmed that the budget would touch the lives of Abia people positively.
“The aim of passing the budget before the 31st of December 2023 is to ensure that the 2024 Budget becomes operational from the 1st of January 2024,” he said.
Also speaking, the Deputy Speaker, Rt Hon. Austin Okezie Nmeregini, assured that the 2024 Budget will make a difference in Abia, and pledged that the House will carry out its oversight functions towards its implementation.
According to reports, the budget signing ceremony was witnessed by members of the State House of Assembly, commissioners, special advisers, the Accountant General of the State, and others.