N319bn budget deficit: Otti’s govt running on trust, hasn’t collected any loan

The Commissioner who made the clarification while speaking at a one-day presentation of “Citizens Version” of the 2024 budget of Abia State, held at Gen. Aguiyi Ironsi Conference Centre Umuahia, said that although the State hoped to service the 2024 budget deficit of N319 through loan, the administration was not in a hurry to draw any credit facility.

The budget which is the highest ever to be proposed by the state, comprises 84% capital expenditure, and N16% recurrent expenditure. ” There is no government in the world that doesn’t borrow for development. We inherited a debt of N192 billion and we have been servicing it. But the good news is that we have not borrowed since we came on board.” All that we have accomplished in the past 11 months were through our judicious management of available resources”.

The Commissioner further explained that the engagement was aimed at making the grassroots to understand the 2024 budget to enable them hold Government more accountable. ” If it were before, government will say: give us the cash and it will develop wings like the airport project”. In a remark, the Head of Service, Dr Queen Obioma, said the current administration believed so much in accountability and carrying the people along.

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