Highlights of the Abia State 2024 Budget Estimate as Presented by Gov. Alex Otti to the State House of Assembly…
- Total budget estimate : Five Hundred and Sixty-Seven Billion, Two Hundred and Forty Million, Ninety-Five Thousand, Nine Hundred and Seventy-Two Naira.
- Capital Expenditure: N476,011,317,893.00 (excluding the capital component of Statutory Transfers). This figure represents 84% of the entire budget envelope. The bulk of this sum would be spent on road infrastructure, building and equipping of new schools and hospitals.
- Recurrent expenditure: N91,228,778,070.01 representing 16% of the budget envelope. Budget provision to cater for increase in the state salary package as the governor works to change the state wage structure to reflect the economic realities of the time.
- Budget financing:
N166,077,717,058 covering IGR, earnings from FAAC, grants from multilateral and donor agencies and all other revenue sources that shall be available to the state in the course of the year.
- Financing the deficit: The deficit of N401,162,378,914 will be financed by new borrowings estimated at N385,271,027,214. Fifty percent of the loans will be sourced externally, whilst the balance will be procured domestically.
- Gov. Alex C. Otti ‘s commitment to the responsible use of borrowed funds: Funds will be used strictly for capital projects, not a penny shall be borrowed for recurrent spending. Additionally, itizens can monitor how the funds are being spent & project execution in their communities.
- Loans will only be procured at concessionary rates and committed strictly to projects that have direct impacts on the economic and social development of the communities in all parts of the state.
- The 2024 fiscal year promises something great for the common man in Abia. Call it a budget of restoration, rebuilding, new beginning and you would be very correct. The truth is that Abia will never remain the same again…
Congratulations Ndi Abia, your reward is here…