Otti Signs N567.2bn 2024 Budget Into Law

Abia State Governor, Alex Otti, has assented to the 2024 Appropriation Bill of N567.2 billion recently passed by the State House of Assembly.

Speaking shortly after signing the bill into law on Thursday, Governor Otti said the budget will take Abia State out of underdevelopment to development.

“I want to say that this is a budget that would take Abia state out of underdevelopment to development,” he said.

“The journey of a thousand miles starts with one step, this is the first step, once we get things right, and we know we will get them right, the next few years will be Uhuru for all our people, those living here and those who come from here and our friends.”

He noted that 84% percent of the entire budget is devoted to capital expenditure while 16% is for recurrent expenditure,

“That we devoted 84% of the budget to capital expenditure is not an error. If you went through the details of the budget, you will find out that every kobo we intend to borrow will go into infrastructure or be mapped out to Infrastructure. Our discussions are on and we believe that as we require the funding, we will get them,” the governor added.

He maintained that every money borrowed to finance the budget will be channeled to capital expenditure. According to him, the budget will spur foreign and local investment, secure the state, and prepare it for the next level of development.

“So, it is a budget that would spur investment into the state both foreign and local, attract businesses, spur the large scale and medium businesses, secure the state, and prepare it for the next level of development,” Otti said.

Governor Otti commended the Speaker and members of the State House of Assembly for a great job done which led to the expeditious passage of the bill.