Abia Proposes N96.7b For 2016 | Independent Newspapers Limited
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Abia Proposes N96.7b For 2016

Posted: Dec 31, 2015 at 9:22 pm   /   by   /   comments (0)



Abia State Government has proposed a budget outlay of N96.7 billion for the 2016 fiscal year representing a shortfall of 22.8 percent of the previous estimate of N105.8 billion.

According to Governor Okezie Ikpeazu, the budget tagged ‘Budget of Restoration Through Enterprise is based on the resolve of his administration to build on the gains of previous governments.
In the outlay tabled before the Abia State House of Assembly Thursday, he proposed a capital expenditure of N 37.8b while recurrent expenditure shall be N58.9b.
He explained that it is the resolve of the government to improve on the internally generated revenue by more than 30% of with a view to making the economy more self reliant, adding that a huge chunk of the revenue to pursue the estimate would be from FAAC and VAT and complemented by the projections from independent Revenues,Aids and grants,loans and other sources.
However he insisted that during the period,government propose to ensure that funding gaps are reduced through robust activities under public private partnership and donor Agreements.
“The objectives of the 2016 budget include to optimize the human and natural resource potentials for achieving rapid and sustained economic growth as well as to translate economic growth into equitable social development that guarantees a dignified and meaningful existence for all citizens among others.”
“Government in 2016 will create the enabling environment that will energize industrial growth in the state. Government will be focussing on the development of an industrial sector that is guided by local research and development strategy which seeks to promote science and technology-based small and medium scale enterprises.”
He promised to boost to the various sectors of the economy even as he charged all those responsible for the implementation of the budget to ensure strict compliance to its provisions.
In his remark, the Speaker,Abia State House of Assembly Martins Azubuike assured that the house will expedite action towards the passage of the bill to sustain and consolidate foundations and achievements already gained, and called on Abians to pay taxes and levies as the government of the day is irrevocably committed to using resources prudently to develop the state.