Governor Theodore Orji of Abia State has presented a budget of N102.4 billion for 2015, to the state House of Assembly, for approval.

The budget is 12 per cent less than 2014 N115.3 billion budget.
Tagged “Valedictory Budget”, Governor Orji said it was targeted at completing ongoing projects within and outside the state.

Presenting the appropriation before the members of the House of Assembly, Orji explained the budget was made up of estimated recurrent expenditure of N62.2 billion and capital expenditure of N40.18 billion.

According to him, the appropriation bill showed a decrease of about 12% below the 2014 budget of N115.3 billion, which required prudent measures for its implementation.

He attributed the decrease to the global fall in crude oil price, noting that the 2015 fiscal year would usher in greater discipline aimed at making the state better for all.

Governor Orji announced that the 2015 appropriation bill was expected to provide for the completion of all ongoing projects; put in place job creation and poverty reduction, including physical and human infrastructure, stressing that it would help in transforming the state in areas like security.

The governor said the budget was premised on the frame work of International Public Sector Accounting Standard (IPSAS) and structured along a Medium Term Expenditure Framework, “With the projections for years 2015-2017, using the year 2013 as the base year”.

Receiving the budget, the Speaker of the state House of Assembly, Right Honorable Ude Oko-Chukwu assured the governor that the House would give the appropriation expeditious consideration.