Ikpeazu Presents 140bn Budget To Abia Assembly
Abia State Governor, Dr Okezie Ikpeazu, on Friday, presented an estimate of N140,939,691,76 (N140.9 billion) 2018 budget to the state House of Assembly.
The estimate is 28.15% increase over the 2017 outlay of N111,728,162,580.
The budget estimates are made up of N68.5billion projected for Recurrent Expenditure which indicates an increase of 9.77% from the previous year and N72.5billion for Capital Expenditure.
The budget is to be funded with revenues accruing from both Internal and External sources.
The External Source which represents statutory allocations from the federation account is expected to yield N50.9billion, with the Internally Generated Revenue providing N29.2billion.
“It is my honour and pleasure to present to this distinguished Honourable House, the 2018 Budget of Abia State. This Budget is packaged to follow the Medium Term Expenditure Framework which looks at projections for 3-year plan period. This Budget therefore has projections for years 2018 to 2020, and is compliant with International Public Sector Accounting Standards (IPSAS).
“The State is committed to fiscal management process in line with International best practices, making our State Investment-Friendly to foreign investors. This Budget is therefore packaged with the right policy formulation, fiscal planning, budget analysis, accountability and routine financial management.” Ikpeazu said.
Reviewing the performance of the 2017, Ikpeazu said: “We did not achieve our projected revenue in the year 2017. Howbeit, we have done our utmost to address issues reflected in the 2017 Budget within the limit of available resources. In terms of performance we have registered modest achievements”.
“In the year under review, we have registered appreciable successes in education (one of the 5 Pillars). At the Primary/Secondary School levels, we have maintained Tuition-Free Education. We have also sustained the Free Lunch Programme at the primary school level,
“Through the ASUBEB we organized training workshops for Teachers and supervisors (1150 and 25 respectively); organized targeted training to strengthen Mathematics and Science Education for 200 core Mathematics/Science Teachers. In addition, 876 Teachers from the 17 Local Government Education Authorities were trained in right Curriculum Models Method. Also trained were 1000 Primary 1(one) Teachers from the 17 LGAs under Jolly Phonies/Trained. Distributed computer and Science Kits to Junior Secondary Schools.”