The recently passed 2024 Appropriations Bill in Abia State, totaling N567.2 billion, has received the governor’s assent. Governor Alex Otti signed the budget into law, expressing optimism that it would propel Abia from its current state of underdevelopment to a path of progress.
Otti emphasized that the deliberate allocation of 84% of the budget to capital expenditures and 16% to ongoing expenses was a strategic move aimed at accelerating Abia’s economic growth. He clarified that all borrowed funds outlined in the budget would be directed toward capital projects, anticipating that this approach would attract both domestic and foreign investments, support businesses, enhance security, and position Abia for the next phase of development.
During the signing ceremony, Governor Otti stated, “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.”
He further explained the significance of the budget allocation, saying, “That we devoted 84% of the budget to capital expenditure is not an error. If you go through the details of the budget, you will find out that every kobo we intend to borrow will go into infrastructure or be mapped out to infrastructure. Our discussions are on, and we believe that as we require the funding, we will get them.”