2024: Otti makes history, allocates 85% of budget to capital projects
…Signs N567.2bn budget into law
Joseph Irikefe
Governor of Abia State, Alex Otti has made history as the first state governor in Nigeria since 1999 to allocate a hefty 85 per cent of the state’s budget to capital expenditure. This is as the governor has announced that he has signed into law the state’s 2024 Appropriation Bill of N567.2 billion.
According to him, the budget is specifically aimed at transforming our state from underdevelopment to development.
Breaking this news on his X (twitter) on Friday, he disclosed that the budget is a product of our collective vision and aspiration for a better Abia. “It reflects our commitment to invest in infrastructure, security, education, health, agriculture, and other sectors that will improve the lives and livelihoods of our people,” Otti added.
Governor Otti further disclosed that the budget is also a statement of government’s fiscal responsibility and prudence, saying the government allocated 84 per cent of the budget to capital expenditure, while 16 per cent goes to recurrent expenditure. “This means that every kobo we borrow will be used for projects that will generate income and create jobs for our people.”
He said: “We are confident that this budget will attract foreign and local investors, boost our economy, and prepare us for the next level of development. We are also grateful to the State House of Assembly for their cooperation and speedy passage of the bill.
“I urge you all to support us in the implementation of the budget and to hold us accountable for the delivery of our promises”.