Abia State Governor ,Dr. Okezie Ikpeazu has presented the 2021 budget of One Hundred and Thirty One Billion, Eight Hundred and Fifteen Million, Seven Hundred and Fifty Three Thousand, Seven Hundred and Twenty Naira only
(N131,815,753,720) for the 2021 fiscal year before the state House of Assembly for consideration and passage.
The 2021 budget shows an increase of 22.12% from 2020 Revised Budget.
The recurrent expenditure stands at N62,624,512,746 which is 47.51% of the total expenditure and 11.73% increase from the 2020 Revised Budget.
Presenting the budget Christened “Budget of Local Content and Sustainable Development”, Governor Ikpeazu emphasized that the 2021 Budget will contain only implementable and critical projects, which when completed, will significantly address current structural challenges of the economy, improve the business environment and accelerate economic recovery.
The Governor while noting that the 2021 budget was prepared amidst global economic recession ,low oil prices, heightened global economic uncertainty and security challenges facing the country which had implications on the State economic plans and operations, expressed satisfaction that Abia State through the collective efforts of the state government performed relatively better economically.
“The year 2020 was a peculiar fiscal year with peculiar challenges and occurrences. The invasion of COVID-19 Pandemic around the end of the first quarter of the year altered both the administrative and socio-economic plans of the State Government.
“Nationally, real output growth declined by 6.1 percent in the second quarter of 2020. The other quarters barely fared better. I am glad to note, however, that through our collective efforts, Abia State economy performed relatively better”, Ikpeazu said.
According to Governor Ikpeazu, his administration worked hard to ensure early submission of the 2021-2023
medium term expenditure framework to
ensure early passage as well as enable implementation commence by 1st January 2021 so as to sustain the restoration of a predictable January-December fiscal year.
Ikpeazu said the 2021-2023 medium term expenditure framework emphasises on local content and sustainable development with a view to supporting local technologies and techniques as well as leveraging on the state’s areas of comparative advantage in product and service marketing.
He added that his administration will aim at completing all ongoing capital project in addition to initiating new ones particularly to those relating to rural-urban access or feeder roads to encourage evaluation of Agricultural and food products to urban markets.
The Governor thanked Abians for their continued support during the global pandemic and harsh economic realities that characterised the 2020 year, pointing out that his administration remains unwavering in its commitment towards actualizing its vision of a bright future for Abians.
While commending the 7th House of Assembly for its commitment towards ensuring a harmonious relationship with the executive which he said is important to further deepen the distribution of democracy dividends to Abians,Governor Ikpeazu also expressed confidence that the house will accent to early passage of the budget.
Responding, the Speaker Abia House of Assembly Chief Chinedum Orji commended the harmonious relationship between the state House of Assembly and the executive.
He encouraged the Governor to finish up key Projects commenced by his administration as well as those inherited from previous administrations for the benefit of Abians.
The Speaker, appealed to Governor Ikpeazu to accord Umuahia a special status in execution of Projects to ensure even spread of development across the state.
He assured that the House will expedite action on the budget to ensure seamless passage.
Governor Ikpeazu later inspected ongoing projects at the House of Assembly in-company of the Speaker, Chief Chinedum Orji,Deputy Governor Sir Ude Okochukwu and other top government functionaries.
