Abia State Governor, Dr. Okezie Ikpeazu, has presented a budget estimate of N157 billion for the 2023 Fiscal Year before the State House of Assembly.
The 2023 budget outlay which shows an increase of 6.95% from that of 2022, is made up of recurrent expenditure of N75 million, which is 47.64% of the total expenditure and 11.73% increase from the 2022 Budget.
The Capital expenditure of N82 billion shows 52.36% of the total Budget expenditure and 3.38% increase from the 2022 Budget.
Presenting the Budget Christened “Valedictory, Economic Expansion and Stability Budget”, at the floor of the Abia State House of Assembly, Ikpeazu stated that the 2023 budget is designed to focus on the successful completion of on-going programmes and projects that have direct bearing on the people’s wellbeing.
He further noted that the budget which was prepared amidst current challenges facing the country, would prioritize, security, expand infrastructure to accelerate economic growth, promote agriculture and food security, in addition to remodeling of key markets in Aba like Ariaria International Market and New Market and continue to engage Ease of doing Business platforms to support trade and investment among others.
“This will enable the Government to consolidate the gains of the past years in the provision of social amenities for the people. We also see this as an opportunity to pursue recovery by redirecting resources to improve on the production chain in the State and add value to products from our people.
“Furthermore, the 2023 Budget will only be partially implemented by this administration. Therefore, it is imperative that we put the revenue and expenditure structures on a sound footing to help the incoming administration take off effectively, Ikpeazu said.
Ikpeazu who used the occasion to review his administration’s including the completion of Osisioma flyover, Aba, drainage and water control projects, completion of several roads and infrastructural projects in the State.
He assured that the state government would continue to pursue signature projects across a range of sectors aimed at improving the livelihood of Abians.
Responding, the Speaker of the Abia State House of Assembly, Chinedum Orji, said members of the 7th Legislative House have shown support to the Ikpeazu administration as well as shown commitment in enacting laws that impact on the lives of Abians.