The Abia State Government, under the leadership of Alex Otti of the Labour Party, looks to borrow to fund 71 per cent of the 2024 budget.
DAILY POST recalls that the Abia State Government presented its N567.2 budget to assembly members on December 12.
In an analysis of the budget, the state said it plans to get N166,077,717,058 in revenue, including earnings from internally generated channels, the Federation Accounts Allocation Committee, and other sources.
This represents 29 per cent of the total budget expenditure.
According to Statisense, the figure showed that 71 per cent of the budget is expected to be funded through borrowing.
In June, the Special Adviser to Governor Alex Otti on Finance, Mike Akpara, said the state owes N191,239,307,593.67 billion in domestic and foreign loans.
The implication is that if the Abia State Assembly passes the budget, the state’s debt portfolio will rise to a record high.