Ebonyi state government has announced that it would borrow about N17 billion from the capital market and financial houses to augment the income of the state.
This was made known today by the state governor, David Umahi when he signed into law, the 2016 appropriation bill of N101.1 billion.
Governor Umahi lamented the financial resources coming to the state have been dwindling over the year and therefore impeding the rapid development of the state.
“Unfortunately,from the time we proposed this budget to today, the expected inflow from federation account,which stands about N36 billion,at N3 billion per month has gone down by about 33%”
He said that the budget would therefore focus on agriculture and internally generated revenue to make the state buoyant and self-sustaining.
“The chunk of the budget or 20% of it is expected to come from agriculture: N20 billion. We also expect about sixty something billion to come from Internally Generated Revenue.”
Umahi said that the budget assist Ebonyi indigenes hawking on the streets of major cities in the country by engaging in more dignified ventures.
He said that the government would also assist indigent widows, pursue its urban renewal drive, ensure efficient health care services, boost agriculture and address the plight of Ebonyi people.
The governor commended the State House of Assembly for the timely passage of the bill and called for stronger collaboration in the implementation of the budget.
Earlier, the speaker of the House of Assembly, Hon. Francis Nwifuru, said that the budget went through normal process before its passage.
The 2016 budget proposal was submitted to the Assembly on 10th of December, 2015 by Governor Umahi. [myad]