The Governor of Abia State, Okezie Ikpeazu has presented a budget proposal of N131.8 billion to the State House of Assembly for the 2021 fiscal year.
This is according to a report by the News Agency of Nigeria.
Commenting on the benchmark for the 2021 budget, the Governor told Abia State House of Assembly that the proposed budget tagged ‘’Budget of local contents and sustainable development’’ is based on the crude oil price benchmark of $40 per barrel and exchange rate of N379 per dollar.
The total proposed budget outlay for 2021 estimated at 131,815,753,720 indicates a 22.12% increase when compared with the 2020 revised budget figures.
The Governor emphasized that the budget was prepared amidst a challenging domestic and global economy. He further appealed to lawmakers to hasten or facilitate quick approval of the budget to return the state back to the normal budget cycle of January- December
What you should know
- 52.49% of the 2021 proposed budget, amounting to N69, 1919,240,974 will be spent on capital expenditure, while the remaining 47.51% equivalent to N62, 624,512,746 will be spent on recurrent expenditure.
- N31.1 billion was budgeted for personnel cost and N15.1 billion for consolidated revenue fund charges.
- The sum of N9.5 billion would be expended on the Administrative sector, N40.7 billion for the Economic sector, N407.1 million for Law and Justice sector and N18.4 billion for Social sector.