Governor Okezie Ikpeazu, on Tuesday, said the Abia State 2022 Budget Estimate of N147.7 billion will engender growth and development in the state.
Ikpeazu stated this while presenting the budget estimate to the Abia State House of Assembly, christened Budget of Economic Recovery and Inclusive Growth.
The budget which is 10.81 per cent higher than that of 2021 is made up of recurrent expenditure of N66, 830,193,200 which is 45 per cent of the total expenditure and a 6.29 per cent increase from the 2021 budget.
The Capital Expenditure component is N80,957,588, 100, representing 55 per cent of the total projected expenditure and a 15 per cent increase from the 2021 budget.
Ikpeazu said that in doing budget, the state adopted the parameters the federal government used for the budget framework, which is the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy of the Federal Government which set the parameters for the 2022 budget as follows: Benchmark oil price of $57, Daily Oil Production of 1.88, Exchange rate of N410.15 per US Dollar, GDP growth projected at 4.2 per cent and inflation at 13 per cent.
According to him, “the budget ensures the security of life and property, physical infrastructure, Small and Medium Enterprises, SME support and development, support to the agricultural sector, ease of doing business and the remodel of key markets in Aba among others.”
Responding after the presentation, the Speaker, Abia State House of Assembly, Hon Chinedum Orji, commended Ikpeazu over his developmental strides and assured the Governor of speedy passage of the budget.
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My 2022 budget estimate of N147.7bn will engender growth, development ― Ikpeazu
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