Governor Okezie Ikpeazu of Abia State has presented the 2022 Appropriation Bill of N147,787,781,300 to the State House of Assembly for approval.
The above amount shows an increase of 10.1percent over the 2021 budget.
Ikpeazu, while presenting the appropriation bill christened ‘Budget of Economic Recovery Through Industrialisation and Inclusive Growth’ said that the recurrent expenditure of N66,830,193,200 (sixty-six billion, eight hundred and ninety three thousand, two hundred represented 45percent of the total proposal and 6.9percent increase from the 2021 budget, while N80,957,588,100 only representing 55percent was for capital expenditure which represents 15percent increase over the 2021.
The Abia State governor said that the budget would provide opportunities to pursue recovery by redirecting resources to improve on the production chain in the state and improve the overall quality of products coming from Abia people.
He further said that the government also intended to recover on a stronger footing by supporting industrialisation and inclusive growth.
He maintained that his administration would also focus on safeguarding lives, jobs, businesses and encourage the rapid increase in number and performance of micro, small and medium enterprises and firms across all nooks and crannies of the state.
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The governor disclosed that government has outlined measures to be taken in pursuit of its intentions under the 2022 fiscal year including sustaining and improving on investment in Education, healthcare and social welfare to ensure that Abia residents are healthy, productive and competitive in line with the sustainable development goals.
According to him, other measures put in place to ensure success of the 2022-2024 multi-year budget include: to foster the security of lives and property by targeting the roots intolerance, communal violence, crime and other potential sources insecurity as well as promotion of good governance among others.
He commended the firm commitment of the 7th Abia House of Assembly towards ensuring a harmonious and productive working relationship with the Executive, adding that the challenges ahead require collective work to enable government deliver on its promises and commitment.
He therefore, urged the House to ensure speedy passage of the Budget proposal.
Chinedum Orji, the Speaker of the House in his response, commended the efforts of Governor Ikpeazu towards the revitalisation of industrial hub of the state which has earned the state an award as SME capital of Nigeria.
He said members of the 7th House of Assembly have remained committed in churning out legislations with the overall aim of development of the state and promised to ensure prudence, transparency and accountability in passing the budget into law within the shortest possible time.
