Abia State Governor, Alex Otti, has signed the 2024 Appropriation Bill of N567.2 billion, recently passed by the State House of Assembly into law.
While signing the bill on Thursday, Otti said the 2024 Budget would move Abia from its current level of underdevelopment to development.
“I want to say that this is a budget that would take Abia State out of underdevelopment to development. 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,” the Governor declared.
He 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.
“That we devoted 84% of the budget to capital expenditure is not an error. If you go through the details of the budget, you will find out that every kobo we intend to borrow will go into infrastructure or be mapped out to infrastructure. Our discussions are on and we believe that as we require the funding, we will get them,” he affirmed.
The Governor maintained that every money borrowed to finance the budget would be channeled to capital expenditure, adding 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.