Governor Dr. Okezie Ikpeazu has proposed a budget estimate of One hundred and Thirty-Six Billion, Six Hundred and Seventeen Million, Three hundred and Sixteen Naira (N136,617,847,316) for the 2020 fiscal year with the promise to ensure the completion of ongoing projects and re-envisioning new ones that will open new frontiers for the State.
The Governor, who made the promise at the State House of Assembly Complex while presenting the 2020 budget estimate christianed ‘the Budget of Economic Repositioning,’ stated that his administration is determined to reposition Abia State on a new foundation for growth by being methodical in putting together a budget that can help the State receive fresh footing to be able to skip to the top.
He gave the assurance that only projects and programmes provided for in the 2020 budget would be funded in the 2020 fiscal year as he is determined to eliminate waste and unjustified expenditures that are not directly linked to the policy objectives espoused in the document.
While admitting that the estimated budget for next year 2020 is slightly less than the One hundred and Forty Billion, Nine
hundred and Forty-four Million, eight hundred and eighty-five Thousand, Seven hundred and seventy Naira (N140,944,885,770) of 2019, he attributed the shortfall to his administration’s resolve to formulate a realistic budget while working hard to improve revenue generation and expenditure management.
A breakdown of the budget shows a total sum of Sixty Six Billion, Eight Hundred and Two Million, Two Hundred and Forty Seven Thousand, Three Hundred and Sixteen Naira (N66,802,247,316) representing 48.90 percent as Recurrent Expenditure and Capital Expenditure of Sixty Nine Billion, Eight Hundred and Fifteen Million, Six Hundred Thousand (N69,815,600,000) represents 51.10 percent of the Budget.
Responding on receiving the budget, the Speaker, Abia State House of Assembly, Rt. Hon. Chinedu Orji assured the Governor that the 7th House of Assembly would work with the Executive through oversight functions to ensure the implementation of the budget.
He called for increased pace and the acceleration of on going projects in the State maintaining that the house would not witch-hunt the Governor.
He advised Governor Ikpeazu to be resolute and remain focus in his effort at delivering the dividends of democracy to Abia people, insisting that the house would require of him to present a score card of 75 percent implementation of the 2020 budget whenever he comes for the presentation of the 2021 budget estimate to the house.