Abia State governor, Dr. Okezie Ikpeazu
Abia State Governor, Okezie Ikpeazu has presented the state 2018 budget estimates of N141b titled: Budget of Partnerships and Opportunities to the state House of Assembly.
He said the budget, which is 28.15 per cent higher than last year’s N 112b was packaged to follow the Medium Term Expenditure Framework that looks at projections from 2018 to 2020. It was designed to align with the Sustainable Development Goals (SDGs).He attributed the marginal increase in the 2017 Budget to the state being mindful of the reality of the country’s economy, adding that the projected capital expenditure was N51. 49b while the recurrent expenditure amounted to N48.59b.
Ikpeazu told the lawmakers that the budget outlay was based on the expected revenue from the Federation Account and value added tax (VAT) sources to be complemented by the projected inflows from internally generated revenues (IGR).
He explained that other sources of the budget include aids, grants and credits, among others while sundry gaps would be reduced from collaborative arrangements with private partners and donor agencies.Specifically, he said the major sources of expected revenue are statutory Allocation from Federation Account of N54.2b and IGR of N10.6b.
Ikpeazu added that the state government was committed to fiscal management process in line with best practices and would make the state investment-friendly to foreign investors.
“Therefore, the budget is packaged with the right policy formulation, fiscal planning, budget analysis, accountability and routine financial management,” he added.
Meanwhile, the 27- member Imo House of Assembly at the weekend passed appropriation bill of N175b for the 2018 fiscal year. It also approved N5.5b supplementary bill for the year ending December 31, 2017.The bills were passed in a plenary session presided over by the Speaker, Acho Ihim.
Governor Rochas Okorocha had on December 13, presented a budget proposal of N190b for 2018, out of which N133b was earmarked for capital expenditure and N58b set aside for recurrent expenditure.
Five additional bills were passed before the assembly adjourned for the Christmas and New Year holiday to reconvene on February 13, 2018. The bills are: A bill for a law to establish the Imo State Internal Revenue Administration Agency and a bill for a law to amend the Centre for Igbo Language Research and Development law.
Others are a bill for a law to provide for the establishment of the Imo State Health Insurance Scheme Agency to institute Imo State Health Scheme for residents of the state and a bill for a law to provide for the establishment of Imo State Specialist Hospital, New Owerri.They were passed after deliberating the bills on the Committee of the Whole.Ihim directed the Clerk of the House, Chris Duru, to produce and forward a clean copy of the bills to Governor Okorocha for assent.
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