Gov. Okezie Ikpeazu presented a proposed budget spending plan for 2023 of N157,517,504,300 to the Abia State House of Assembly on Tuesday.

The budget represents a 6.95% increase over the 2022 budget of N147,787,781,300 billion.

Ikpeazu said the Valedictory Economic Expansion and Stability Budget is based on a benchmark oil price of $70.0 per barrel, daily oil production of 1.69 million barrels, an exchange rate of N435.57 per US$ and projected GDP -Growth rate of 3.75% based; and…