Imo State Governor, Emeka Ihedioha, has presented a budget estimate of N197,607,272, 328 billion naria to the Imo State House of Assembly for the 2020 fiscal year.
Presenting the budget christened ” Rebuild Imo Budget One, to members of the State House of Assembly, Wednesday at the Assembly complex, he said recurrent expenditure stood at N91,377,822,129, while Capital expenditure is N106, 229,540,220.
A breakdown of the Recurrent Expenditure by the Governor shows
Personnel Cost* Ministries- 8, 949,496,411
- Overhead Cost: 34, 702, 219, 005
- Subvention Cost: 31, 422, 859, 611
- CFRC- 16, 303,247, 101
According to him, a breakdown of Capital expenditure shows:
- Ministry of Works- 41,318,250,095
- Economic Sector- 23, 249,659,233* Social Services- 21, 089, 907,270
- Counterpart Funds-: 4, 146, 034, 868
He said the six planks of the budget would be achieved through enhancement of Internally Generated Revenue IGR, aggressive road reconstruction programmes, enabling environment for private sector investment, capacity building for the youth, provision of agricultural inputs, and development of agricultural infrastructure, local governments partnerships, health insurance, primary healthcare and cleaner environment.
He said the ” Budget proposal is aimed at restoring confidence in Government and our people, rebuilding our dilapidated infrastructure and putting the State on a pedestal for sustainable economic development.
Governor Ihedioha said his administration owes it as a duty to ensure prudent and judicious use of the State resources.
“At this point, I reiterate that our Administration owes as a duty the prudent and judicious use of state resources, respect for rule of law, as well as ensuring accountability and transparency in all projects, programmes and activities.
He said the State was in bad shape before he became Governor.
“Imo State was like a pariah state avoided by investors, ignored by International agencies and denigrated by national agencies.
He said on assumption of office, he promised to rebuild the State and restore its lost glory..
” I m glad to report that we have not wavered on that pledge” he said