Governor Theodore Orji of Abia State has presented a budget of N102.4 billion to the state House of Assembly for the 2015 fiscal year. The budget tagged "Valedictory Budget" is 12 percent less than the 2014 N115.3 billion budget.
Delivering the budget on the floor of the House, Governor Orji disclosed that the recurrent expenditure is N62.20 billion while the annual estimated capital expenditure is N40.18 billion.
Mr. Orji said the 12 percent decrease from the 2014 budget was occasioned by the global fall of crude oil price and premised on the framework of International Public Sector Accounting Standard (IPSAS) and structured along a Medium Term Expenditure framework which takes into account projections for the years 2015 to 2017 using 2013 budget as the base year.
The governor said he was mindful of the fact that the 2015 budget was the last fiscal policy of his administration hence it was expected to take care of the completion of all ongoing legacy projects.
He said he has increased budgetary allocations to the critical areas such as health, education, poverty reduction and youth empowerment as well as peace and security. According to him, fiscal control policy measures would be put in place in order to achieve full implementation of the 2015 Appropriation Bill when it finally becomes law.
Responding, the Speaker of the state House of Assembly, Hon. Ude Oko Chukwu, lauded the government of Orji for the remarkable achievements the state had attained in all sectors, adding that the state “has done so well” in the Millennium Development Goals (MDGs) and objectives to attract foreign investors.
He therefore urged the government “to endeavour to consolidate and improve on the gains so far achieved with a view to returning the state to the path of sustainable economic growth and development through structural and institutional reforms.”
The speakers promised that the fifth Abia legislature would perform its last constitutional duty on appropriation with greater zeal and collaborate in all efforts aimed at achieving the goals and objectives of thee 2015 fiscal policy.
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