Ikpeazu presents N147.8b budget estimates to Assembly

Abia State Governor, Okezie Ikpeazu, yesterday, presented the 2022 budget estimates of N147.7 billion to the state House of Assembly.

He said that the budget tagged: Economic Recovery Through Industrialisation And Inclusive Growth, prepared under uncertain macroeconomic and social environment, is 10.81 per cent higher than the 2021 budget, which he said, was based on Federal Government’s 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy and adopted by his administration.

Details of the budget showed that recurrent expenditure amounted to N66.8 billion or 45 per cent, while capital will receive N81 billion or 55 per cent of the budget.

The breakdown shows a 16 per cent increase in the capital expenditure and 6.29 per cent increase in recurrent expenditure over and above that of 2021.

Addressing the lawmakers, Ikpeazu said: “We are all aware of the changes in the global socio-economic environment since 2019 and that the COVID-19 pandemic distorted socio-economic activities at all levels in the last two years.”

He described the 2022 budget as a shot in the dark adding: “Even as we prepare for 2022, the dangers do not appear to be completely over, as the socio-economic and business environment is not yet clear.

Speaker of the House, Chinedum Orji, assured Ikpeazu that the lawmakers would do the needful to consider and pass the 2022 fiscal policy.