Imo presents N102.2bn budget to Assembly
(Nigeria) Governor Rochas Okorocha of Imo State on Tuesday
presented the 2016 appropriation of N102.2 billion to the state assembly for
scrutiny.
Tagged the Budget of Consolidation and Continuity, its
breakdown shows that 43.1 per cent is for capital expenditure while 56.9 per
cent is for recurrent expenditure.
Okorocha said that the budget was aimed at industrialising
the state as well as creating jobs for the unemployed youths.
The governor explained that the state hoped to rake in
N23.209 billion from the Federation Allocation, N17.458 billion to be generated
from internally while N148 billion would come from excess crude account, among
others.
He said the policy thrust of the budget was anchored on the
completion of ongoing projects.
``Substantial provision will be channeled to the completion
of ongoing projects while new ones of high priority will also receive attention
in line with the state's medium term expenditure framework,’’ he said.
Okorocha said that the 2016 budget would sustain the gains
of the free education from primary to tertiary levels.
He added that industrialisation, healthcare delivery,
agricultural development and infrastructure would be given more attention.
He said that with the current harsh economic situation in
the country coming from the drop in oil revenue, the state's revenue would
drastically reduce.
``It is logical that revenue will also reduce drastically in
2016. This calls for stringent measures to effectively manage government
expenditure to reduce the shock arising from the reduction in the Federation
Account,’’ he said.
Okorocha, who reviewed the performance of the 2015 budget,
said that the expected revenue of N122.31 billion was only realised to the tune
of about 35 per cent.
``As at Sept. 30, the actual revenue realised was N32.96
billion representing 35.64 per cent proportionate performance,’’ he said.
Receiving the proposal, the Speaker of the assembly, Mr Acho
Ihim, assured the governor that the legislators would look at the estimate
thoroughly and give it due attention and prompt passage.
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