Abia gov. Alex Otti signs N567.2bn 2024 budget into law

Governor of Abia State, Alex Otti, has signed the 2024 Appropriation Bill of N567.2 billion, recently passed by the State House of Assembly into law.

The governor said the 2024 Budget would move Abia from its current level of underdevelopment to development.

Mr. Otti, stated that the budget 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,” the Governor declared.

He noted that the budget ratio of 84% for capital expenditure and 16% for recurrent was not a mistake but a deliberate plan to accelerate the growth of Abia’s economy within a short space of time.

The Governor insisted that all funds borrowed to finance the budget would be used for capital expenditure, and that the budget is intended to attract foreign and domestic investment, stimulate large and medium-sized enterprises, secure the state, and prepare Abia for the next phase of growth.

Earlier, the Speaker of the House, Rt Hon. Emmanuel Emeruwa, who confirmed that 84% of the budget is for capital spending and 16% for recurrent expenditure, stated that the budget would have a beneficial impact on the lives of Abia residentsd.

According to him, 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.

Also speaking, the Deputy Speaker, Rt Hon Austin Nmeregini assured that the 2024 Budget would make a difference in Abia and pledged that the House will carry out its oversight functions towards its implementation.

Hon. Mathias Umeh, Chairman of the House Committee on Budget and Planning, stated that they worked tirelessly to achieve the bill’s quick passage, and that they will continue to monitor the budget through oversight to ensure complete implementation.

Members of the State House of Assembly, Commissioners, Special Advisers, and the State Accountant General were among those present at the 2024 Budget signing ceremony.