Gov Ikpeazu Presents N136.6b Budget To Reposition Abia Economy

Abia State Governor, Okezie Ikpeazu, on Monday presented N136.6 billion budget estimate to the state House of Assembly for the 2020 fiscal year.

The budget, which is tagged: “Budget of Economic Repositioning” comprised capital expenditure of N69, 815,600,000 representing 51.10 % of the budget and a recurrent expenditure of N66, 802,247,316, representing 48.90%.

The states proposed recurrent expenditure for the year 2020 is N66, 802,247,316billion as against N67, 813,101,230billion for the previous year which represents a decrease of 1.00 Percent.

Further details of the recurrent expenditure indicate that the personnel cost is N29, 308, 644, 606billion while the overhead cost is N18,400,579,600billion and the Consolidated Revenue fund charges (CRFC) 19,493,023,110billion.

The 2020 budget outlay is however less than that of 2019 which was N140.9billion

The governor attributed the decrease to the states resolution to formulate a realistic budget while working hard to improve revenue generation and expenditure management approach.

He said the budget is envisioned to deepen the achievements recorded in preceding years by promoting Made-in-Abia goods and services, providing enabling environment for investors and intensifying the realization of the Enyimba Economic City project.

 Recall that the state government secured a $430m deal for the Enyimba Economic City, a free trade zone which Ikpeazu said would boost Nigeria’s participation in the Continental Free Trade Agreement (AfCFTA) and also  create not less than 700,0000 jobs within 10 years.

Ikpeazu applauded the assembly for their partnership in the attainment of corporate objectives of the state assuring that more wins will be gotten in 2020.

The speaker of the Abia State House of Assembly, Chinedum Orji, had said “We will support the Governor to achieve 75% budget implementation.”