The Abia State Governor, Dr. Okezie Ikpeazu has presented the budget estimate of One hundred and Thirty-Six Billion, Six Hundred and Seventeen Million, Three hundred and Sixteen Naira (N136,617,847,316) only.
This Budget outlay is slightly less than the One hundred and Forty Billion, Nine hundred and Forty-four Million,eight hundred and eighty-five Thousand, Seven hundred and seventy Naira (N140,944,885,770) only of 2019.
Presenting the budget before the Speaker and members, Abia state House of Assembly, Governor Ikpeazu noted that this moderate decrease is occasioned by the government’s resolve to formulate a realistic budget, while working hard to improve revenue generation and expenditure management approach.
Ikpeazu also promised to ensure prudence in the management of the resources available, to enable to his government to realize its objectives. While noting that the government faces resource constraints, he said he also knows he can do so much with the little available.
The draft budget is made up of a total sum of Sixty Six Billion, Eight Hundred and Two Million, Two Hundred and Forty Seven Thousand, Three Hundred and Sixteen Naira (N66,802,247,316)only as Recurrent Expenditure and Capital Expenditure of Sixty Nine Billion, Eight Hundred and Fifteen Million, Six Hundred Thousand(N69,815,600,000) only.
The Recurrent Expenditure represents 48.90 percent of the total Budget while the capital expenditure represents 51.10 percent of the Budget. The governor expressed the readiness of his administration to commence the construction of Enyimba Economic City next year.
“We will intensify our engagement of resources towards the pursuit of on-going partnerships for the realization of the Enyimba Economic City, the standardization of products from Abia State, provision of industrial clusters and provision of funds for operators in the textile and leather industries in the State.
“It is expected that the first phase of construction work on the Enyimba Economic City project shall commence in the 2020 fiscal year in collaboration with our private partners. The goal is to enhance our people’s capacity to take advantage of the opportunities provided by growth in global trade and innovations in technology.
“We are not only eyeing the Nigerian market, we are taking Abia to Africa and the rest of the world. And because we know the opportunities are there, by the Grace of God and your esteemed support, we will get there” he said.
