Posted by Boniface Okoro, Umuahia | 21 November 2012 | 3,329 times
Abia State Government plans to spend the sum of N134,148,037,590 for its services in the 2013 fiscal year.
The state governor, Chief Theodore Orji, while presenting the Appropriation Bill to the House of Assembly yesterday, said the figure represents an increase of N4,188,712,420 or 3.2 per cent over the 2012 budget outlay of N129,959,325,170.
Christened “Budget of Hope,” the 2013 budget estimates comprise projected recurrent expenditure of N67,820,454,270, while proposed capital expenditure is N66,327,583,320.
Sources of the revenue, according to the governor, are: Internally Generated Revenue (IGR) – N34,940,133,420, an increase of 57.37 per cent over the 2012 IGR revenue and represents 26.05 per cent of the 2013 total budget outlay of N134,148,037,590 and 30.94 per cent of total projected revenue of N112,943,586,870; Federation Account – N60,003,453,439; Value Added Tax (VAT) – N5 billion and Derivation Fund – N10 billion.
Orji said adequate plans have been put in place to realise the increased IGR with a wider base, give bite to agriculture, improve transportation, build a youth centre and sustain the gains already made in the health and education, among other sectors.
Allaying fears of meeting the IGR target which he explained was increased to lessen Abia’s dependence on funds from the Federation Allocation Account Committee (FAAC), the governor said:
“We have adopted the strategy of Direct Bank Lodgment of Electronic Collection System through the banks to capture and confirm all payments made to the state. There are other control measures in the area of assessment, collection, and accounting of all tax revenues,”
He said the 2013 budget represents the determination of his administration “to positively position this state on a better platform of economic recovery and sustainable development,” adding: “We will ensure steady and unhindered progress of the state by focusing on the critical sectors of investment in physical infrastructure, better health care delivery, education, and improving socio-economic services.”
The Abia Chief Executive assured that the 2013 budget would be “a conscious arrangement for a paradigm shift to capital project development that is addressing the critical issues in the Vision 20:20:20 and other development blueprints, including National and International Protocols and Agreements.”
Receiving the Executive Bill, the Speaker of the Abia State House of Assembly, Rt. Hon. Ude Oko Chukwu, assured that it would be given accelerated consideration.
•Photo: Governor Theodore Orji.
No comments yet. Be the first to post comment.