The Abia State Governor, Okezie Ikpeazu, on Monday presented a 2021 budget proposal of N131.8 billion to the State House of Assembly for consideration.
Ikpeazu, who tagged the appropriation bill “budget of local contents and sustainable development,” said it was aimed at completing ongoing projects and programmes in the state.
He said the 2021 total budget outlay was N131, 815,753,720, a 22.12 percent increase from 2020 revised budget.
According to the governor, a total sum of N62, 624,512,746 or 47.51 percent of the total budget has been earmarked for recurrent expenditure.
Also, the government has set aside N69, 191,240,974, or 52.49 percent of the total budget for capital expenditure.
Ikpeazu said the budget estimate was based on the benchmark crude oil price of $40 per barrel and exchange rate of N379 per dollar.
He said: “The consolidated revenue fund charges were N15.1 billion while N31.1 billion would go to personnel cost. N16.2 has been set aside as an overhead cost.
“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 the social sector.”
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