FIC Report (Abia State) – (One Hundred and Fifty-Seven Billion, Five Hundred and Seventeen Million, Five Hundred and Four Thousand and Three Hundred Naira only) for the 2023 Fiscal Year before the State House of Assembly for consideration and Passage.
The 2023 Budget outlay which shows an increase of 6.95% from the 2022 Budget, is made up of Recurrent expenditure of N75,044,764,400 (Seventy-Five, Billion and Forty Four Million, Seven Hundred and Sixty-Four Thousand, Four Hundred Naira) which is 47.64% of the total expenditure and 11.73% increase from the 2022 Budget.
The Capital expenditure of N82,472,739,900 (Eighty-Two Billion, Four Hundred and Seventy-Two Million, Seven Hundred and Thirty-Nine Thousand, Nine Hundred Naira) 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, Governor 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 used the occasion to review his administration’s major milestones including the completion of Osisioma flyover, Aba, drainage and water control projects,completion of several roads and infrastructural projects in the State, Improvement in the area of provision of medical and health facilities, construction of several classroom blocks in the State through UBEC programme and interventions leading to the realization of the Geometric Power at Aba.
He assured that the state government would continue to pursue signature projects across a range of sectors aimed at improving the livelihood of Abians.
Governor Ikpeazu commended the efforts of the State House of Assembly in the early passage of the 2022 Appropriation Law implementation which started on 1st January, 2022 adding that the support has made it possible to sustain the January to December Budget Cycle and fiscal implementation in Abia State during his administration and urged them to ensure speedy passage of the 2023 Budget into law.
Responding,the Speaker of the Abia State House of Assembly, Chinedum Orji while noting that members of the 7th Legislative House have shown support to the present administration as well as shown commitment in enacting laws that will impact on the lives of Abians aimed at the overall development of the state,assured of their commitment towards the speedy passage of the 2023 Budget Estimate.