(From Okey Sampson, Umuahia)
The Abia State Government has budgeted a total of N131,815,753,720 for the 2021 fiscal year. The figure is 22.12 per cent higher than the 2020 Revised Budget.
Presenting the proposed income and expenditure of the government in2021 to the State House of Assembly, Governor Okezie Ikpeazu said the budget targets recovery of the State economy with a measurable growth path from COVID-19 pandemic going forward.
Giving a break down of the total projected Budget outlay for 2021 fiscal year, Ikpeazu said N62,624,512,746 or 47.51 per cent of the budget is for recurrent expenditure and has 11.73 per cent increase from the 2020 Revised Budget.
Further break down of the recurrent expenditure according to the Governor is as follows: Personnel Cost, N31,165,042,809 or 49.77 per cent and overhead Cost -N16,266,583,646 or 25.98 per cent.
Ikpeazu equally announced a Capital expenditure of N69,191,240,974 which represents 52.49 per cent of the total Budget expenditure and 31.52 per cent increase from the 2020 Revised Budget.
Giving Sectoral allocation of the Capital expenditure, Ikpeazu said the Administrative Sector was allocated N9,549,163,974 or 13.80 per cent, the Economic Sector, N40,766,132,000 or 58.92, Law and Justice Sector, N407,125,000 or 0.59 per cent and the Social Sector, N18,468,820,000) or 26.69 per cent.
Ikpeazu said the 2021 Budget was aimed at the completion of on-going projects and programmes.
He said new projects will mainly be in the form of COVID-19 responsive projects that would aim to cushion the shocks of the pandemic and assist the State economy recover quickly.
‘Projects dealing with reducing the constraints of rural areas in the evacuation of men and materials to urban centres are also included,’ the Governor said.