Abia state governor, Okezie Ikpeazu, has presented the 2021 Appropriation Bill to the State House of Assembly.
The governor noted that the budget targets recovery of the state economy with a measurable growth path from COVID-19 pandemic going forward.
According to the budget framework, total projected outlay for 2021 fiscal year is N131,815,753,720 (One Hundred and Thirty One Billion, Eight Hundred and Fifteen Million, Seven Hundred and Fifty Three Thousand, Seven Hundred and Twenty Naira only) showing an increase of 22.12% from 2020 revised budget.
In the breakdown, recurrent expenditure stood at N62,624,512,746 which is 47.51% of the total expenditure and 11.73% increase from the 2020 revised budget with personnel cost at (N31,165,042,809)=49.77%, overhead cost at (N16,266,583,646)=25.98% and consolidated revenue fund charges at (N15,192,866,291)=24.26%
Also, capital expenditure was staked at N69,191,240,974 which is 52.49% of the total budget expenditure and 31.52% increase from the 2020 revised budget.
The sectoral allocation of the capital expenditure is thus: Administrative Sector = (N9,549,163,974)=13.80%, Economic Sector = (N40,766,132,000)=58.92%, Law and Justice Sector = (N407,125,000)=0.59%, Social Sector = (N18,468,820,000)=26.69%
“The percentage of distribution of aggregate expenditures to the 2021 total Budget Outlay is 47.51% for recurrent and 52.49% for capital. The 2021 Budget is aimed at completion of on-going projects and programmes. New projects will mainly be in the form of COVID-19 responsive projects that aim to cushion the shocks of the pandemic and assist the State economy recover quickly. Projects dealing with reducing the constraints of rural areas in the evacuation of men and materials to urban centres are also included,” Ikpeazu said.
