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Every Kobo Borrowed In Abia 2024 Budget Will Be Used For Capital Expenditure – Otti

Governor Alex Otti of Abia State on Thursday signed into law the 2024 Appropriation Bill of N567.2 billion, recently passed by the State House of Assembly.

Otti while signing the bill said the 2024 Budget would move Abia from its current level of underdevelopment to development, stressing that every kobo borrowed in the 2024 budget will be used for capital expenditure.

The Governor said that the budget would take Abia out of underdevelopment to development saying, “The journey of a thousand miles starts with one step. This is the first step, once we get things right, and we know we will get them right, the next few years will be Uhuru for all our people, those living here and those who come from here and our friends.”

Otti noted that the budget ratio of 84% for capital expenditure and 16% for recurrent was not a mistake but a deliberate plan to accelerate the growth of Abia’s economy within a short space of time.

He reiterated that his administration devoted 84% of the budget to capital expenditure is not an error, stressing that anyone who goes through the details of the budget will find out that every kobo his administration intends to borrow will go into infrastructure or mapped out to infrastructure.

According to him, “Our discussions are on and we believe that as we require the funding, we will get them.”

He added that the budget is expected to excite foreign and local investment, spur large-scale and medium businesses, secure the State and prepare Abia for the next level of development.

According to a statement by the Governor’s Chief Press Secretary, Kazie Uko, the Governor commended the Speaker and members of the State House of Assembly for a great job done, which led to the expeditious passage of the bill.

Earlier, the Speaker of the State House of Assembly, Hon. Emmanuel Emeruwa, who affirmed that 84% of the budget is for capital expenditure while 16% is for recurrent expenditure, said that the budget would touch the lives of Abia people positively.

Emeruwa said that the aim of passing the budget before the 31st of December 2023 is to ensure that the 2024 Budget becomes operational from the 1st of January 2024.

The Deputy Speaker, Hon Austin Nmeregini assured that the 2024 Budget would make a difference in Abia and pledged that the House will carry out its oversight functions towards its implementation.

The Chairman, House Committee on Budget and Planning, Hon. Mathias Umeh said that they worked tirelessly to ensure the speedy passage of the bill, adding that they would continue to monitor the budget through oversight to ensure full implementation.

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