Abia state 2024 Appropriations Bill, worth N567.2 billion, recently passed by the State House of Assembly has been signed into law by the state governor, Alex Otti.
Otti stated that Abia will transition from its current state of underdevelopment to development as he signed the 2024 budget into law on Thursday.
He pointed out that the allocation of 84% of the budget for capital expenditures and 16% for ongoing expenses was not an error, but rather a calculated strategy to quicken the speed of Abia’s economic expansion.
The Governor insisted that all borrowed funds for the budget would go toward capital expenditures and added that the plan is anticipated to attract both domestic and foreign investment, support large and medium-sized enterprises, safeguard the State, and get Abia ready for the next phase of growth.
He said, “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.
“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.”
