The Governor of Abia State, Dr Okezie Ikpeazu on Wednesday presented before the State House of Assembly in Umuahia for consideration and passage into law, a budget estimate of N157,517,504,300 only, for the 2023 fiscal year.
The fiscal estimate christened "Valedictory, Economic Expansion And Stability Budget", represents a marginal increase of 6.95% over the 2022 budget.
Giving an insight into the main components of the fiscal proposal, Governor Ikpeazu disclosed that the recurrent expenditure is expected to take N75,044,764,400 or 47.64% of the total estimate which is an 11.73% mark up from that of 2022, while the capital expenditure estimate has the balance of 52.46%.
The 2022 annual budget presentation ritual before the Abia State lawmakers will be the last to be performed by Governor Okezie lkpeazu, whose constitutionally allowed two term in office comes to an end on 29th May, 2023.
