Abia State government plans to spend N80, 244,414,540 billion for its service in the 2011 fiscal year. The budget proposal Christened “Budget of Liberation” shows an increase of 6.6% from the 2010 budget of N75, 299, 682, 580 billion and would focus on creating a new Aba City and sustaining security.
The governor, Chief Theodore Orji, who presented the 2011 Appropriation bill to the State House of Assembly for consideration promised that the 2011 revenue profile would witness remarkable increase.
The budget has Recurrent estimate of N69,991,120,400 billion and a Capital vote of N35.161 billion.
Orji pointed out that the “philosophy and thrust of the budget is aimed at keying into the vision for economic development of the state through integrated, multi-sectoral grassroots development, predicated on enhancing the sustainable socio-economic well being of the people.”
According to him, the 2011 budget would focus on creation of a new Aba City that will still serve as the commercial and industrial masterpiece of the nation; sustain the security efforts of the administration to protect life and property; revamp ailing government-supported industries using Public-Private Partnership (PPP) approach; and youth empowerment and job creation; boosting agricultural production, among others.
He expressed the hope that with the successful war being waged against kidnapping in the state that the internally generated revenue of the state will increase in 2011. Specifically, he said that N10.5 billion of the budget will come from IGR.
Sources of the recurrent estimate of N69,991,120,400 billion include N40.5 billion from Federation Account, N8 billion from VAT, N5 billion from Derivation and N6 billion from Excess Crude.
The estimated Capital expenditure is at N35.161 billion, with the economic sector having a share of N11.3 billion; social sector N5.133 billion, regional development N4.241 billion and general administration gulf N13, 95 billion.
Receiving the budget, the Speaker of the House, Chief Agwu U.Agwu, commended the governor for the “well articulated 2011 state budget estimates,” and urged all the stakeholders involved in the implementation of the budget to implement it with “the zeal of taking Abia to a greater height.”
He assured that the House would give the budget accelerated consideration.