The Abia State Governor, Alex Otti has said that he will commit 84 per cent or N476.48bn of the N567.24bn 2024 appropriation bill on capital expenditure.
Otti made the disclosure on Tuesday during the presentation of the budget titled, ‘Abia 2024 Budget: A New Beginning’ at the Abia State House of Assembly.
The governor said from the N567.24bn, 84 per cent will be spent on capital and 16 per cent on recurrent expenditure.
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He also said N166.07bn revenue has been projected including earning from IGR, Federations Account and other revenue sources.
He said the deficit of N401.16bn would be funded partly by N385.2bn from domestic and external sources.
Otti said the impact of the project will be enough in the short to medium term to repay the loans, adding that the borrowing will be negotiated at favourable terms.
The governor said 44.76 per cent of the capital spending will be channelled to the economic sector with larger chunks on works, housing and agriculture.
Otti said his government will partner will developers to building sophisticated housing.
In the social sector Otti said the 2024 budget will focus on rehabilitating over 300 schools, construction of entertainment hub, skill and innovation centres across the three senatorial districts and sports centres across the 17 local governments.
Otti who is particular about Aba said the budget will also help open the region as the economic hub of the state, adding that he would make sure he restructures the moribund companies in the state.
He also said the 2024 budget includes the implementation of the new pay raise by the beginning of next year.
Otti explained the 2023 budget of the state was full of constraints but he explained that the ingenuity of his administration and the commitment to deliver a people-centred government has helped him accomplish and deliver some infrastructural projects in few months.
Otti said the N30bn Port Harcourt Road project being handled by Julius Berger will be delivered in 18 months from date of commencement.