Abia State governor, Okezie Ikpeazu has presented a budget of N96.7billion to the State House Of Assembly.
The budget which has a capital expenditure Of N37.8billion and recurrent expenditure of N58.9billion, shows 22.8 per cent decrease over the 2015 outlay of N105.8billion.
Presenting the budget tagged: “Budget Of Restoration Through Enterprise” at the floor of the House, Dr Ikpeazu said the outcome is based on the resolve by the government to build on the gains of previous administrations.
The governor said that it is the resolve of the government to improve on the internally generated revenue efforts of the state by more than 30 per cent of what was the actual accrual in 2015 with a view to making the economy more self reliant.
The estimated outlay of the budget the governor said is based on expected revenue from FAAC and vat sources, complemented by the projections of the state’s expected cash flow from independent revenues, aids and grants, loans and other sources, adding that during the period, government proposes to ensure that funding gaps will be reduced through robust activities under public private partnership and donor agreements.
He said that the objectives of the 2016 budget include to optimise the human and natural resource potentials and to achieve 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.
The governor said the government in 2016 will create the enabling environment that will energise industrial growth in the state, pointing out that government will be focusing 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.