Ikpeazu presents N157.51b 2023 budget proposal to Abia assembly

Abia State Governor, Dr, Okezie Ikpeazu, yesterday, presented his proposed budget outlay of N157, 517, 504,300 .00 for the 2023 fiscal year, which is his last as governor, to the state House of Assembly. The budget, which is tagged, ‘Valedictory Economic Expansion and Stability Budget,’ is 6.95 per cent higher than that of 2022.

While 47.64 per cent of the proposed budget, which is N75, 044,764,400.00 billion, and is 11. 73 per cent higher than that of 2022, is for recurrent expenditure, while 52.36 per cent of the budget, which is N82, 472,739,900.00 billion is proposed for capital expenditure, and is 3. 38 per cent higher than that of 2022.

Also, N33, 689,581,700.00 billion out of the proposed recurrent expenditure is for personnel cost, while N48,782,088,800.00 billion is for economic sector expenditure.

The governor, who was silent on where and how the revenue would be sourced, noted that the budget would only be partially implemented by his outgoing administration.

He noted that it is, therefore, imperative for them to put the revenue and expenditure structures on a sound footing to help the incoming administration.

Ikpeazu disclosed that while preparing the 2023 budget, his government took into consideration what policy reforms and investments should be prioritised, as well as what trade-offs should be made between costs and benefits.

Commenting on his government’s performance in the past seven years, the governor asserted that modest achievements were recorded across several economic sectors of the state.

According to Ikpeazu: “Through support and partnership with Federal Government, as well as development partners, institutional and legal frameworks, which will facilitate delivery of improved socio-economic programmes to the poor and vulnerable households by future administrations were introduced.”

“In all of these, the goal is to find options for better life and livelihood for Abians, even as evidence shows we have not done badly.”