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. Governor Otti expressed confidence that the budget, which allocates 84% for capital expenditure and 16% for recurrent expenditure, will propel the state from its current state of underdevelopment to rapid progress.
In his remarks during the signing ceremony on Thursday, Governor Otti emphasized that the budget’s deliberate focus on capital expenditure, including infrastructure projects, is a strategic move to accelerate economic growth in Abia within a short timeframe. He stated, “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 assured that borrowed funds intended for the budget would be dedicated solely to capital expenditure, highlighting the potential to attract both foreign and local investments, stimulate business growth, enhance security, and prepare Abia for further development.
Commending the State House of Assembly for the prompt passage of the budget, Governor Otti expressed gratitude to the Speaker and members for their commitment to the swift approval of the financial plan.
The Speaker of the House, Rt Hon. Emmanuel Emeruwa, reiterated that the budget’s focus on capital expenditure would positively impact the lives of Abia residents. He emphasized the importance of having the budget operational from the first day of the new year, emphasizing the Assembly’s commitment to effective oversight to ensure full implementation.
The Deputy Speaker, Rt Hon Austin Nmeregini, pledged that the 2024 Budget would make a significant difference in Abia, while the Chairman of the House Committee on Budget and Planning, Hon. Mathias Umeh, affirmed their dedication to monitoring the budget through oversight activities.
The ceremony was attended by members of the State House of Assembly, commissioners, special advisers, and the Accountant General of the State.