Gov Otti Signs N567.2 bn 2024 Budget Into Law

 

The Abia State 2024 Appropriation bill of N567,240,095,972.00 (Five Hundred and Sixty-Seven Billion, Two Hundred and Forty Million, Ninety-Five Thousand, Nine Hundred and Seventy-Two Naira,as passed by the State House of Assembly,has been signed into law by Governor Alex Otti.

The law which did not witness any major amendments to the initial budget proposal is to take effect from January 2024.


Recall that the Governor had on December 12th 2024 presented to the House of Assembly the budget christened “Budget of New Beginning”.

 

Governor Otti while assenting to the law at Nvosi, Isialangwa North LGA, assured that it would take the state out of underdevelopment and birth a future of prosperity for the people.

 

The Governor asserted that the allocated 84% of the budget to capital expenditure was a deliberate choice aimed at driving infrastructural development.

He assured that every borrowed fund would be strategically invested in infrastructural projects, to foster a conducive environment to both local and foreign investments.

“I want to say that this is a budget that would take Abia state out of underdevelopment to development.

“The journey of a thousand miles starts with one step, this is the first step, once we get things right, and we know we will get them right, the next few years will be uhuru for all our people, those living here and those who come from here and our friends.

“That we devoted 84% of the budget to capital expenditure is not an error. If you went through the details of the budget, you will find out that every kobo we intend to borrow will go into infrastructure or mapped out to Infrastructure. Our discussions are on and we believe that as we require the funding, we will get them.

“So, it is a budget that would spur investment into the state both foreign and local, attract businesses, spur the large scale and medium businesses, secure the state and prepare it for the next level of development”, Governor Otti said.

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Governor Otti saluted the leadership of the 8th House of Assembly for their unwavering commitment and expeditious handling of the 2024 budget, as well as their dedication to the welfare and security of the people.

Otti who emphasized his administration’s commitment to serving the people’s needs said that the days of self-interest in governance were long gone.

You have a crop of men who understand that governance is about the people; the welfare of the people. Gone are the days when government was about self interest. We are lucky that everyone we have in the house of Assembly looks at government as being for the welfare and security of the people.

“This government is assiduous about development, and anybody who has problems with it is anti-welfare,” Otti declared,

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He expressed optimism that the positive relationship between the legislature and Executive arms of government would foster an era of sustained progress and development in the state.

Gov Otti in a handshake with the speaker of the Abia state House of Assembly,Hon Emeruwa

Earlier, the Speaker of the House, Rt Hon. Emmanuel Emeruwa, said that 84% of the budget is for capital expenditure while the 16% is for recurrent expenditure, and added that the budget would positively impact on the lives of Abia people.

Also speaking, the Deputy Speaker, Rt Hon Austin Nmeregini assured that the 2024 budget would make a difference in Abia and pledged that the House will carry out its oversight functions towards the implementation of the budget.

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Gov Otti with the deputy speaker hon. Austin Nmeregini

The Chairman, House Committee on Budget and Planning, Hon. Mathias Umeh emphasized that the 8th House of Assembly worked tirelessly to ensure the speedy passage of the bill adding that they would continue to monitor the budget through oversight to ensure it’s full implementation.

The event attracted Members of the State House of Assembly, Commissioners, Special Advisers, Accountant General of the State among others.