Imo State Governor, Okorocha Presents Budget Of Consolidation And Continuity

BY INNONEWS.COM

ROCHAS

Imo State Governor, Rochas Okorocha, December 29, 2015 presented a budget of consolidation and continuity to the State House of Assembly.

The focus of the Budget, according to him, is to industrialize Imo Stte as well as creating jobs for millions of unemployed youths in the State.

The Governor explained further that the budget is anchored on completion of ongoing projects his administration embarked on

 The budget breakdown shows 43.1% for capital expenditure while 56.9% is for recurrent expenditure.  

He projected that Imo State is hopeful it will receive 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.

 Okorocha said “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.

The Imo Governor said the 2016 budget would sustain free education from primary to tertiary levels.

According to him, industrialization, healthcare delivery, agricultural development and infrastructure would be given priority, stressing that with the current cash squeeze in the country because of the of the drop in oil revenue, the state’s revenue will reduce drastically.

“ 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 reviewed the performance of the 2015 Budget, saying that the expected revenue of N122.32 billion was only realized to the tune of about 35%

Receiving the proposal, the Speaker of the assembly, Acho Ihim, assured the governor that the legislators would look at the estimate thoroughly and give it due attention and prompt passage.