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The Abia State House of Assembly has passed into law the 2024 Appropriation Bill of ₦567,240,950,972 which was presented to the house by Governor Alex Otti a fortnight ago.
The Speaker of the Abia State House of Assembly, Emmanuel Emeruwa, who announced the passage of the budget at the Assembly complex on Thursday, congratulated his colleagues for their dedication and commitment towards the expeditious passage of the bill.
He pointed out that the budget has an estimated capital expenditure of N476,011,378,893, while the recurrent expenditure is N91,228,778,079.
Emeruwa said the 2024 Appropriation Bill, when signed by Governor Alex Otti, will come into law on 1st of January, 2024.
The passage of the bill followed, among others, the presentation and deliberations on the report and recommendations of the joint committee on appropriation and budget, planning, and multilateralism, which was co-chaired by Stephen Ucheonye and Mathias Ume.
The Eastern Updates reports that Gov Otti, while presenting the N567.2 billion ‘Budget of a New Beginning’ on December 12, said 84 per cent of the projected budget would be spent on capital projects while 16 per cent would be utilised on recurrent expenditures, adding that various sectors of the state’s economy would receive turnaround from his administration.
In a related development, the House of Assembly in Enugu State has passed the 2024 budget estimate worth ₦521,561,386,000, which was submitted to the House by Governor Peter Mbah earlier this month, into law.
Anthony Nwankwo who is the Chairman, House Committee on Appropriation, who presented a report on the budget estimate at the floor of the House said after a thorough scrutiny, the committee found the budget estimate to be without flaws and therefore requested it be accepted and passed into law
Other members of the House, who spoke on the merits of the budget, said with a capital expenditure of ₦414,334,120,000, representing over 70 per cent of the entire budget, the state would soon witness unparalleled development in infrastructure and human capital development. Speaker Uche Ugwu, shortly after passing the budget, said the House would undertake adequate oversight to ensure an appropriate implementation of the budget in the interest of the masses.