The Addis Ababa city council has endorsed a 140.29 billion birr budget bill for the 2023/24 Ethiopian fiscal year.
Mayor Adanech Abibie presented the spending plan – which bets on the city’s tax base and revenue growth – to the City Council on Sunday.
The budget shows a 40.1% increase from the previous fiscal year’s spending, which was a little over 100 billion Birr.
Unlike the previous years, the city administration set aside the highest amount for capital expenditures, making up 55.59% of the annual spending plan.
The intention of the new move was “to maintain the city’s basic and sustainable growth, and create significant job opportunities”, argues Mayor Adanech. It will also enable us to respond to the rising development and service needs of the residents and ensures equity.
The total capital expenditures amount to 77.99 billion Birr, of which, 41 Billion Birr will be directed to sub-cities.
The bill also allocated 57 billion Birr as a recurrent budget and set aside 5.3 billion Birr for budget reserve, bringing the total spending plan for the fiscal year to 140.29 billion Birr.
Members of the Addis Ababa City Council eventually approved the budget bill with a majority vote.
