Governor Okezie Ikpeazu of Abia on Monday presented N136,617 billion Appropriation Bill for the 2020 fiscal year to the state House of Assembly.
The bill, tagged “Budget of Economic Repositioning ” has a Capital Expenditure outlay of N69.8 billion, representing 51.1 per cent, and Recurrent Expenditure of N66.8 billion, representing 48.9 per cent.
Ikpeazu said the budget outlay was slightly less than that of 2019, which was N140. 9 billion.
The governor said that the moderate decrease was occasioned by his administration’s resolve to formulate a realistic budget, while working hard to improve revenue generation and expenditure management approach.
The budget also has an expected Recurrent Revenue of N106.9 billion, which is made of N67.2 billion from the statutory allocation of the Federation Account Allocation Committee (FAAC), representing 63.89 per cent of the revenue.
It also has a projected Independent Revenue of N39.6 billion representing 37.11 per cent of the revenue.
He said that the draft estimates were intended to strategically strengthen his administration’s achievement in areas such as creating conducive environment for local and foreign investors.
According to him, it would also provide opportunities for human capital development revitalising social services as well as building critical infrastructure for sustainable development.
“In 2020, we will work to ensure completion of ongoing projects while re-envisioning new ones that will open new frontiers.
“We will ensure that only projects and programmes provided for in 2020 budgets are funde,” Ikpeazu said.
Responding, the Speaker, Mr Chinedum Orji commended the governor and his team for early presentation of the draft estimate, adding that such laudable feat had not been achieved in recent time.
He pledged the 7th Assembly’s unnalloyed support to the governor and promised to give the bill an accelerated hearing and speedy passage into law.
“Your Excellency Sir, the House therefore urges you to ensure at least 75 per cent implementation of the 2020 Budget when passed into Law.
“This will fast track the repositioning of Abia Economy with improvement in the most critical sectors of job creation, infrastructural development and development of Small and Medium Enterprises (SMEs) in the state,” the Speaker said.