Governor Alex Otti of Abia State has presented a budget proposal of N750.28bn for 2025 to the state House of Assembly for consideration and other relevant legislative processes.
Presenting the proposal tagged ” Sustaining the momentum”, yesterday on the floor of the House, Otti expressed appreciation to both the leadership and the members for their patriotic service to the state.
“I hereby present for the consideration of Mr Speaker and Honourable members a total budget proposal of N750,282,200,000 for the 2025 financial year” he said.
According to him, the figure represents about a 30 per cent increase in the 2024 figures and indicated the scope of the administration progressive aspirations.
“We have taken into account major economic headwinds such as inflation and exchange rate instability-two complex subjects that have dealt very harsh blows to our fiscal plans and proposals.”
“This administration, as I had earlier mentioned, has shown great discipline in the management of our collective resources. We shall do better in the coming year to create an all-inclusive growth model
“Mr Speaker, I am pleased to report that for the 2024 fiscal year, no funds have been borrowed till date but instead, we have taken steps to pay off old debts, while maintaining zero indebtedness to contractors.
“I may have to add at this point, as I did last year, that we shall not borrow a penny to finance recurrent expenditures.
“All borrowing shall happen only when absolutely necessary and shall be deployed for the execution of projects that will ultimately repay the loans.”
In a response, the speaker, Emmanuel Emeruwa appreciated the presentation which he said would sustain the infrastructure development of the state.
Emeruwa, therefore, assured the governor of their commitment to give the proposal the anticipated attention to enable him realise the objectives.
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