The Governor of Abia state, Okezie Ikpeazu of Abia has presented N136,617 billion Appropriation Bill for the 2020 fiscal year to the state House of Assembly.
The bill, tagged “Budget of economic repositioning”, has a Capital Expenditure outlay of N69.8 billion, representing 51.1 per cent, and Recurrent Expenditure of N66.8 billion, representing 48.9 percent.
Ikpeazu said that the budget outlay was less than N140. 9 billion for 2019 because of his administration’s resolve to formulate a realistic budget.
He further said that government would work hard to improve revenue generation and expenditure management approach.
The budget also had an expected Recurrent Revenue of N106.9 billion, which is made of N67.2 billion from the statutory allocation from the Federation Account Allocation Committee (FAAC), representing 63.9 per cent of the revenue.