In 2024, the budget with the theme “A New Beginning” will not include a single cent of borrowed funds for ongoing expenses, according to Abia State Governor Alex Otti.
Governor Otti presented proposals to the Abia State House of Assembly during his budget speech, outlining how N401,162,378,914 in deficit would be partially financed by fresh borrowing projected at N385,271,027,214.
He promised that half of this borrowing would come from outside sources and the other half would come from home sources.
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The governor made it clear that any borrowing in the fiscal year 2024 would only be used for capital projects that directly benefit the state’s economy, particularly those involving roads, schools, and healthcare facilities.
The governor further promised that the public and other interested parties would be able to keep an eye on how the money is being used and how the projects are affecting their communities from the beginning to the end in an effort to guarantee transparency.
“More importantly, the citizens and other stakeholders would have the opportunity to monitor how the funds are being spent and the impact of the projects on their communities, from inception to completion.
This is very important to guarantee transparency, and as a listening government, your inputs will always be very important in our decisions,” he said.
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In addition, the state plans to allocate 44.76% of the budget to the economy in the fiscal year 2024, with the majority of funds going to finance (5.23%), land and housing (9.9%), works (16.97%), and agriculture (5.12%).
Otti announced that significant funding for the restoration and upkeep of some of the most significant highways along the state’s main economic corridors will be allocated during the 2024 fiscal year.
“The budget has provided for completion of some of the projects we started in 2023 including Port Harcourt Road Aba, Ossah Road, Umuahia-Uzuakoli-Abariba-Ohafia Road, Ozuabam-Ndi Okereke- Arochukwu Road, the dualisation of Umuikaa-Umuene-Omoba Road, Dualisation of Owerrinta-Umuikaa Road, Nunya-Eluama-Isuikwuato Road, Onuimo-Abia Tower Road amongst others as well as the commencement of new road projects in all parts of the state,” he asserted.
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