Governor Okezie Ikpeazu of Abia State has signed the state’s 2023 appropriation bill of N160.5 billion Into law.
This is as the state government received special recognition from the World Bank, for “Good performance in Financial Transparency and Accountability, under the States Fiscal Accountability Transparency and Sustainability (SFTAS) Project.
The 2023-2025 Medium Term Expenditure Framework theme is “Valedictory, Economic Expansion and Stability Budget”.
The 2023 budget, according to Ikpeazu, is designed to focus on the successful completion of ongoing programmes and projects that directly affect people’s well-being.
This he said will enable the government to consolidate the gains of the past years in the provision of social amenities for the people.
He stated also that the budget will provide the government an opportunity to pursue recovery by redirecting resources to improve on the production chain in the State and add value to products from its people.
“It is an opportunity to complement established suppliers and producers with cost-effective, quality products from our people.
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“Furthermore, the 2023 budget will only be partially implemented by this administration. Therefore, it is imperative that we put the revenue and expenditure structures on a sound footing to help the incoming administration take off effectively.
“Prioritising stability, in our view, will create confidence, which in turn will encourage investment. We prepare this budget as a complement and a necessary signal for the private sector to increase investment in the production and supply chains of the State’s economy”.
Ikpeazu, while signing the appropriation bill into law on December 31, 2022, expressed his appreciation to the Speaker and Members of the State House of Assembly for expediting action on the bill.
He acknowledged that members of the House worked during the Christmas holidays to ensure that the budget cycle of January – December is sustained in line with global best practices.
The Governor assured that the budget will be faithfully implemented with a clear view to the sustenance of the gains made by his administration and with the understanding that a new administration will be in charge from May 29, 2023.
The Governor charged revenue generating agencies of the State, to double their efforts to increase the revenues accruable to the government and ensure that revenue leaks are effectively plugged.
Ikpeazu thanked the World Bank for the recognition and assured that his administration shall be relentless in the pursuit of the virtues of fiscal responsibility, accountability and transparency.
The governor also thanked the ministry of finance and the entire state workforce for their support.
Aham Ukoh, commissioner for finance, just before the budget signing ceremony, formally presented to the governor, the World Bank Award for Excellence to the state for “Good performance in Financial Transparency and Accountability, under the States Fiscal Accountability Transparency and Sustainability (SFTAS) project.
