Ikpeazu sends N131bn budget for 2021 to State House of Assembly for approval
Governor Okezie Ikpeazu of Abia State has sent an estimated budget of One Hundred and Thirty-One Billion, Eight Hundred and Fifteen Million, Seven Hundred and Fifty-Three Thousand, Seven Hundred and Twenty Naira, only (=N=131,815,753,720.00) for 2021 fiscal year, to the State House of Assembly for approval.
The proposed budget has a recurrent expenditure of Sixty- two billion, six hundred and twenty-four million, five hundred and twelve thousand, seven hundred and forty-six naira, only (=N=62,624,512,746.00), which is 47.51 percent of the total budget.
While the capital expenditure is sixty-nine billion, one hundred and ninety-one million, two-hundred and forty thousand, nine hundred and seventy-four naira, only (=N=69,191,240,974.00), amounting to 52.49 percent of the entire budget.
Ikpeazu, while presenting the budget to the State House of Assembly, Monday, stated that the State currently has two major plans, a short term plan, which is the 5-pillars sectors of investment, as outlined, by the administration from the beginning, and the Abia State Agenda 2050, which is a long term plan, covering a period of 30 years.
According to him, the latter is at the finalization stage, being prepared with support from the Partnership Initiative for Development in the Niger Delta (PIND) and shall be forwarded to the assembly for review and legislation, soon.
“Specifically, the 2021 – 2023 Medium-term expenditure framework emphasizes local contents and sustainable development. This Administration is convinced that, as challenges mount on the fiscal position of the federation and as the global environment becomes increasingly tumultuous, long-term survival will have to depend on each people’s capacity to innovate, in the building of industries and in adding value.
“Such production and productivity will rely extensively on the capacity of people, who have long term interest in the development of a particular economy for it to be sustainable. And no one else has more interest in the long term development of Abia than Abians themselves”, he stated.
Ikpeazu observed that Abia is already blessed with an exceptionally high proportion of people, who are naturally innovative, creative, resilient, and dogged.
He noted that Government’s job in this fiscal year is basically to find means of supporting Abia people to do better what they already know how to do and are doing well.
Ikpeazu reiterated his administration’s intention to support local technologies and techniques, as well as leverage the State’s areas of comparative advantage in product and service marketing.
He also stated that his administration intends to focus on an already enormous number of small and medium scale enterprises operating in the State and support them both to advance in their areas of advantage and create new areas of competitive advantage.
According to Ikpeazu, the government might need to undertake fresh, but critical surveys to strengthen what it already knows, identify new areas, and minimize the weaknesses and threats, faced by businesses around the State.
He said his administration intends to harness their strengths and create new opportunities for businesses to explore for the good of all Abia people.
Abia State Governor stated that his administration is not leaving out any sector, people, or area, as he plans to complete all on-going capital projects in the State, as well as initiate a few new projects, particularly those relating to rural-urban access or feeder roads to encourage evacuation of agricultural and food products to the urban markets.