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The Governor of Abia State, Dr. Okezie Ikpeazu, on Tuesday presented a budget estimate of ₦147,787,781,300 for the 2022 fiscal year to the State House of Assembly, for consideration.
While presenting the budget tagged: ‘Budget of Economic Recovery through Industrialization,’ Ikpeazu disclosed that the budget is 10.8 percent higher than the 2021 budget.
He explained that ₦66,830,193, 200 of the total budget representing 45 percent is for recurrent expenditure which is 6.29 percent increase of the 2021 budget, while ₦80,957,588,100, representing 55 percent of the budget is for capital expenditure. The figure represents 15 percent increase over the 2021 capital budget.
He said: ‘The government intends to recover on a stronger footing by supporting industrialization and inclusive growth. It will also focus on safeguarding lives, jobs businesses and encouraging the rapid increase in number and performance of micro small and medium enterprises in the state.
‘Measures are to be taken in pursuit of its intentions under the 2022 fiscal year including sustaining and improving on investments in education, healthcare and social welfare to ensure Abia residents are healthy, productive and competitive in line with the sustainable development goals.
‘Other measures put in place to ensure success of the 2022-2024 multi-year budget include to foster the security of lives and property by targeting the roots of intolerance, communal violence, crime and other potential sources of insecurity as well as promotion of good governance among others.’
Commending the State House of Assembly for ensuring harmonious relationship with the executive, the Governor noted that challenges ahead require collective work to enable government deliver on its promises and urged the House to ensure speedy passage of the budget.
In his response, the Speaker of the State Assembly, Chinedum Orji commended the Governor’s effort towards revitalizing the industrial hub of the state which has earned Abia an award as the SME capital of Nigeria, and pledged to ensure speedy passage of the budget.
THE EASTERN UPDATES