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Abia State Governor, Dr. Okezie Ikpeazu has presented the 2017 budget estimate of #102.5 billion to the State House of Assembly. The total estimate shows 3.14% increase compared to the previous 2016 budget.
Presenting the budget christained “Budget of Prudence and self-reliance”, the Governor said that the budget was tailored to follow medium term expenditure which he maintained is in compliance with the international standard.
He added that the 2017 budget reflects the policy direction of the present administration as the government believes in looking inwards to survive the economic situation inherent in the country.
According to the Governor, considering the prevailing challenges, the administration did not perform badly in 2016 but made great impact as Made-in-Aba marketing campaign was rounded off, 32 roads built and commissioned and 26 roads already undergoing constructions at different stages of completion, 18 secondary schools renovated, some disciplines introduced in the tertiary institutions, courses accredited and some faculties relocated.
Dr. Ikpeazu asserted that government would ensure the completion of all roads under construction, grading of rural roads to provide access for agricultural produce and construction of 170km roads. He said that challenges facing Abia State requires cooperation of all. He further expressed confidence that the House will give the bill an accelerated passage.
Responding, the Speaker of the House, Rt. Hon. Chikwendu Kanu thanked the Governor for doing the needful and assured that the House would give the bill an accelerated passage.
It is estimated that the State will get #21.9 billon from Internally Generated Revenue and #61.2 billion from external revenue, other break down of the budget shows that #45.1 billion was estimated for capital expenditure, #57.3 billion for recurrent expenditures while personnel cost was estimated at #28.1 billion, overhead cost #15.9 billion and consolidated revenue charges to gulp #13.3 billion.
Earlier, Abia State House of Assembly approved the request of the State Governor, Dr. Okezie Ikpeazu to spend the #10.6 billion accrued to Abia State from the Paris club debt refund.
50% of the money will be spent on salary arrears and the remainder on infrastructural development.
The figures are as follows:
#5.3 billion on Salary arrears and pensions.
#1.7 billion on road constructions.
#2.5 billion on bridges
#685 million on Hospitals
#200 million for street lighting.
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