In a momentous event heralding a transformative era for Abia State, Governor Dr. Alex Otti, OFR, affixed his signature to the historic 2024 Appropriation Bill, amounting to a staggering N567.2 billion. This decisive move, following the bill’s recent approval by the State House of Assembly, marked a crucial juncture in the state’s trajectory from underdevelopment to prosperity.
Governor Otti, exuding confidence and optimism, orchestrated the signing ceremony on Thursday, December 28, 2023, emphasizing the profound impact the 2024 Budget would wield in reshaping Abia’s future. “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,” declared the Governor with conviction.
The strategic allocation of funds within the budget reflected a deliberate effort to foster rapid economic growth. Governor Otti underscored the intentional distribution, with a substantial 84% earmarked for capital expenditure and 16% designated for recurrent expenses. This, he emphasized, was not an oversight but a meticulously crafted plan aimed at catapulting Abia into a new era of prosperity within a condensed timeframe.
“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,” affirmed Governor Otti, assuring that borrowed funds would be judiciously utilized for capital projects.
The Governor, resolute in his commitment to Abia’s development, asserted that every borrowed penny would be meticulously channeled into capital expenditure. The overarching goal was to invigorate foreign and local investment, catalyze the growth of large-scale and medium businesses, fortify the state’s security, and position Abia for the imminent ascent to the next level of development.
Commending the Speaker and members of the State House of Assembly for their expeditious handling of the bill, Governor Otti lauded their collective effort in advancing the state’s transformative agenda. The swift passage of the bill was a testament to the collaborative spirit driving Abia’s pursuit of progress.
Rt Hon. Emmanuel Emeruwa, the Speaker of the House, concurred with the Governor’s vision, affirming the strategic allocation of the budget’s components. The resounding 84% dedicated to capital expenditure was poised to positively impact the lives of Abia’s citizens. Stressing the urgency, he highlighted the significance of ensuring the operationalization of the 2024 Budget from the 1st of January 2024, underscoring a commitment to immediate action.
Echoing this sentiment, Deputy Speaker Rt Hon Austin Nmeregini assured the public that the 2024 Budget would be a transformative force in Abia. He pledged the House’s dedication to diligent oversight, ensuring the budget’s effective implementation for tangible results.
Chairman of the House Committee on Budget and Planning, Hon. Mathias Umeh, acknowledged the tireless efforts invested in the bill’s expedited passage. He expressed the committee’s unwavering commitment to continuous monitoring, assuring the public of diligent oversight to guarantee the full realization of the budget’s objectives.
The historic signing ceremony attracted a distinguished audience, including Members of the State House of Assembly, Commissioners, Special Advisers, and the Accountant General of the State. As the ink dried on the monumental document, the resonance of hope and anticipation filled the air, signaling a promising dawn for Abia State.