…Says 84% for capital expenditure, 16% for recurrent
Governor Alex Otti of Abia State has presented a budget estimate of N567 billion for the 2024 fiscal year to the State House of Assembly for approval.
The above figure represents N400 billion increase from the 2023 estimate of N161 billion. Otti noted that when judged from the inflation and fall in the value of the Naira, the reality becomes stacky different.
Otti, while presenting the Budget christened ‘Budget of a New Beginning’ said the key distinction in the 2024 budget estimate, however, was in the direction of spending.
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He observed that while the 2023 projection allocated 53percent of the entire budget for Capital expenditure, his target in the 2024 fiscal year was to spend 84percent of the total expenditure on capital projects and,16percent on recurrent expenditure as against 47percent in 2023 estimates.
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The Abia governor, while presenting the budget estimate said that his administration planned to finance the deficit of N400 billion partly by new borrowings estimated at N385 billion, he added that 50 percent of the borrowings would be sourced externally while the balance would be procured domestically.
The Speaker of the House, Emmanuel Emeruwa praised the budget as one that would address almost all the needs of Abia people. He promised that the House would give accelerated hearing and passage.
