Abia Governor, chief Theodore Orji has signed the 2014 budget of 115.3 billion naira into law.
The Abia state chief executive had on the 30th of December 2013 presented a budget outlay of 149.6 billion naira to the state house of Assembly followed by a breakdown of the outlay by the state commissioner for Finance in January this year.
However the state legislature after assessing the budget reduced it.
Speaker of the state house of Assembly, Rt. Hon Ude Okochukwu explained that the adjustment became necessary following harmonization of policy thrust of MDAs with actual appropriation submitted to the house
He said that the 2014 Appropriation law is carefully crafted in the context of medium term expenditure framework which takes cognizance of projections for years 2014 -2016 and in line with the state governmentÃ¢â‚¬â„¢s avowed effort to ensure that the 2014 budget complies with International Public Sector Accounting Standards (IPSAS).
The speaker pointed out that that the budget is expected to accelerate the completion of all on-going legacy projects in various sector s of the Abia economy, expand the revenue base of the state, integrate the structure of the state chart of Accounting into budgeting and budgeting control mechanisms among others.
He charged all implementing organs of government to strictly see to it that none of the budgetÃ¢â‚¬â„¢s approved provisions is circumvented.
Giving his accent to the law at the Executive Council Chambers of the Government house, Governor Orji commended the house of Assembly for painstakingly and speedily passing it and assured that the budget will be implemented.
He disclosed that he has authorized the harmonization of all revenues and for all taxes and revenues to be paid directly through the banks.