Abia proposes N97bn for 2016 fiscal year

Governor Okezie Ikpeazu of Abia State has presented a budget proposal of N96.7 billion to the Abia State House of Assembly for the 2016 fiscal year.

The budget tagged “ Budget of restoration through enterprise” shows 22.8 percent decrease over the 2015 estimate, which stood at 105.8 billion.

While presenting the budget at the floor of the House, Ikpeazu said the outcome was based on the resolve by the government to build on the gains of previous administrations.

Out of the N96.7 billion estimate, capital expenditure will gulp N37.8 billion while N58.9 billion is for re-current expenditure.

Ikpeazu revealed that it was the resolve of the government to improve on the internally generated revenue efforts of the state by more than 30 percent of what was the actual accrual in 2015, with a view to making the economy to be more self-reliant.

The governor said “his administration hopes to generate budget estimate outlay of the budget from FAAC and VAT sources complemented by the projections of the state’s expected cash flow from independent revenues grants-in-aid, loans and other sundry sources.”

He said during 2016 fiscal year his government had made a proposal to ensure that funding gaps would be reduced through robust activities under public private partnership (PPP) and donor agreements.

According to Ikpeazu, the objectives of the 2016 budget include to optimise the human and natural resource potentials for achieving rapid and sustained economic growth as well as to translate economic growth into equitable social development that guarantees a dignified and meaningful existence for all citizens among others.

He noted that the government in 2016 would create the enabling environment that would energise industrial growth in the state, pointing out that government would be focusing on the development of an industrial sector guided by local research and development strategy, which seeks to promote science and technology-based small and medium scale enterprises.

The governor, who promised to give a boost to the various sectors of the economy, charged all those responsible for the implementation of the budget to ensure strict compliance to its provisions.

Martins Azubuike, speaker, Abia House of Assembly, assured that the House would expedite action towards the passage of the bill to sustain and consolidate foundations and achievements already gained.

He called on Abians to pay taxes and levies as the government of the day was irrevocably committed to using resources prudently to develop the state.