Abia State Assembly approves 2024 budget in ‘New Beginning’ legislation

In a significant legislative move, the Abia State House of Assembly has officially passed the proposed budget for the year 2024 into law. The approval came after a thorough presentation by the House Joint Committee on appropriation, budget, and planning.

Governor Alex Otti had presented the draft budget on December 12th, outlining a total estimate of N567,240,095,972 for the “Budget of New Beginning.” The proposal emphasized allocating 84% of the budget to capital projects, with the remaining 16% designated for recurrent expenditure.

In a statement released on Friday, Speaker Emmanuel Emeruwa shed light on adjustments made by the House Joint Committee on Appropriation. While augmenting the recurrent expenditure to N91,498,547,579 from the initial estimate of N91,228,778,079, the capital expenditure was marginally reduced to N475,741,548,393 from N476,011,317,893. These adjustments aimed at ensuring equitable allocation for specific projects and mitigating the impact on certain MDAs.

The Speaker further highlighted the successful adoption of the committee’s report as the working document of the house. The bill underwent thorough consideration in the Committee of the Whole, receiving a third reading and officially becoming law. The legislation is now referred to as the “2024 Appropriation Law of Abia State of Nigeria” and will be effective from the 1st day of January 2024.

Emeuwa expressed gratitude to his colleagues for their dedicated efforts and contributions that facilitated a meticulous examination of every aspect of the bill. As the Abia State House of Assembly adjourns plenary for Christmas and New Year celebrations, legislative activities are set to resume on Thursday, January 18, 2024.