Governor Okezie Ikpeazu of Abia State on Monday presented N136,617 billion Appropriation Bill for the 2020 fiscal year to the state House of Assembly.
The bill, tagged “Budget of economic repositioning,” has a Capital Expenditure outlay of N69.8 billion, representing 51.1 per cent, and Recurrent Expenditure of N66.8 billion, representing 48.9 per cent.
Mr Ikpeazu said the budget outlay was less than N140. 9 billion for 2019 because of his administration’s resolve to formulate a realistic budget.
He further said that government would work hard to improve revenue generation and expenditure management approach.
The budget also had an expected Recurrent Revenue of N106.9 billion, which is made of N67.2 billion from the statutory allocation from the Federation Account Allocation Committee (FAAC), representing 63.9 per cent of the revenue.
News of Agency Nigeria (NAN) reports that it also had a projected Independent Revenue of N39.6 billion, representing 37.1 per cent of the revenue.
The governor said that the draft estimates were intended to strategically strengthen his administration’s achievement, especially in creating conducive environment for local and foreign investors.
He said the budget will also provide opportunities for human capital development, revitalising social services as well as building critical infrastructure for sustainable development.
“In 2020, we will work to ensure completion of ongoing projects while re-envisioning new ones that will open new frontiers.
“We will ensure that only projects and programmes provided for in 2020 budget are funded,” Mr Ikpeazu said.
In a speech, the Speaker, Chinedum Orji, commended the governor and his team for early presentation of the bill to the house.
Mr Orji said such a laudable feat had not been achieved in recent time.
He promised the continued support of the seventh assembly to the governor, assuring him of accelerated hearing and passage of the bill.
He urged the governor to ensure at least 75 per cent implementation of the budget, when finally passed.
“This will fast track the repositioning of Abia economy with improvement in the most critical sectors, such as job creation, development of infrastructure and Small and Medium Enterprises in the state,” he said.