Orji presents N80B budget for 2011

Abia State Governor, Theodore Orji on Monday presented the 2011 appropriation bill of N80,244, 414,540 billion, to the state House of Assembly for consideration.

The budget outlay which has an increase of 6.6% over the 2010 budget is christened budget of liberation and is expected to be financed mainly from the federal allocation which accounts for 80% with an anticipated increase in oil revenue and value added tax amounting to N 69. 99billion.

The governor said he hopes that $200million IDA/World bank credit for the state will mature in 2011, which will be tied to specific projects for further development of the state.

He stated that the budget which made provisions to various sectors of the economy is expected to encourage growth and development of the state’s economy through public private partnership, create wealth and reduce poverty.

The governor said this will be achieved through entrepreneurship development and sustenance of conducive environment to encourage local and foreign investors.

Giving the break down, he said that recurrent expenditure stands at N45,654,633, 770 billion against N35, 516, 130, 530 billion in the 2010 fiscal year .He explained that the sharp increase was due to the emphasis placed on internal security while capital expenditure was put at N35,161,771,732 billion.

Mr Orji who stated that at the end of the third quarter of 2010, the total sum N46. 9 billion would have been spent out of N75.3B budget, said this year’s appropriation bill is aimed at keying into the vision for the economic development towards enhancing the socio economic well being of the people.

The budget is also to focus on the creation of new Aba city that will serve as the commercial and industrial masterpiece of the nation, sustenance of security efforts in the state, boosting of agricultural production and provision of an enabling environment for investment.

Speaker of the State Assembly Agwu U. Agwu urged the stakeholders involved in the implementation of the budget to be diligent and assured that the legislature will give accelerated attention to the bill.
Source:http://234next.com/