Abia State Governor, Dr Okezie Ikpeazu has signed into law, the 2016 budget of N101. 4 billion.
The appropriation law, No 1 of 101.4 billion is made up of 59.2 billion recurrent expenditure and 42.1 capital expenses.
The governor had earlier sent to the House of Assembly for passage, a draft budget estimate of 96.7 billion made up of N 58.9 recurrent expenditure and N 37.7 capital expenditure on the 31st Dec last year which was amended by the House.
Presenting the appropriation law to the governor for signing, the Speaker, Abia State House of Assembly, Rt Hon Martins Azubuike stated that Internally Generated Revenue (IGR) remained the option to the implementation of the year 2016 budget, and that early passage of the appropriation law is key to the implementation of the budget.
He recommended the implementation of revenue generating laws which have earlier been passed by the house, including, the Abia Security Fund Law, the Abia Advertizing and Signage Law, the Public- Public-Private Partnership Initiative Law, Abia Quary and Dredging Site Law, among others as well as to ensure that taxable Abians are brought into the tax net by the Board of Internal revenue as a way of realizing the budget.
He also commended the governor for his efforts at driving sustainable development in the state.
Accenting to the law at the Exco chambers of the Government House, the governor thanked the House for doing a good job, pointing out that the executive has enjoyed the cooperation of the legislature and other arms of government.
He said that with the fall of oil price in the global market, dependence on allocation from the federal government should begin to recede to the background saying that Abia should not be seen as people who go cap in hand begging.