Abia State Governor, Dr. Okezie Ikpeazu has presented a 139.5 billion naira 2019 budget to the Abia State House of Assembly.
Presenting the budget christianed “budget of consolidation” at the floor of the State House of Assembly, Governor Ikpeazu said the budget is envisioned to deepen the achievements recorded in preceding years and to ensure the completion of ongoing projects and programmes of his administration.
Governor Ikpeazu explained that the 2019 budget estimate has a capital expenditure of seventy one billion, seven hundred and twenty eight million, eight hundred and ninety eight thousand naira which represents 51% of the budget.
Recurrent expenditure is put at sixty seven billion, eight hundred and thirteen million, one hundred and one thousand, two hundred and thirty five naira representing forty eight point six percent of the total budget while the budget outlay is slightly less than that of 2018 which was one hundred and forty billion, nine have hundred and forty four million eight hundred and eighty five thousand seven hundred and seventy naira only.
He further explained that the drafts estimates proposal is intended to strategically strengthen the achievements of his administration especially providing opportunity for human capital development.
Ikpeazu said that following the economic down turn in the country, the state government adopted several strategies to appropriately position the state to take advantage of the opportunities brought by the current realities in the country and called for proactive measures and prudent management of the states resources for a better tomorrow.
Governor Ikpeazu stated that the 2019- 2021 was packaged in line with international fiscal transparency principles noting that the process adopted has been participatory and inclusive.
According to him, the state keyed into the Open Government Partnership to enhance efficiency, promote ease of doing business and service delivery adding that the 2019- 2021 was packaged in line with international fiscal transparency principles. He noted that the process adopted has been participatory and inclusive.
The budget which focuses on some fiscal objectives is expected to eliminate the expansion of the revenue generation capacity of the state, eliminate wastages and ensure that only projects and programmes provided for in the Budget are funded.
Responding, the Speaker,State House of Assembly, Sir. Chikwendu Kalu promised to give the budget extimate prompt legislative action and commended the Governor for presenting a budget that is in line with international best practices.
