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Governor Rochas Okorocha State has presented a 102-billion-Naira budget proposal for the 2016 fiscal year before the Imo State House for Assembly.
The Governor made the budget presentation on Tuesday at the hallow chamber in Owerri, the capital of Imo State in southeast Nigeria.
Governor Okorocha explained that the budget, which was tagged ‘Budget of Consolidation and Continuity’, showed that 43.1 per cent of the total budget was proposed for capital expenditure while 56.9 per cent was proposed for recurrent expenditure.
He disclosed that the budget targeted 23 billion Naira from the Imo State’s share of the Federal Allocation, 17 billion Naira from Internally Generated Revenue (IGR) and 148 billion Naira from Excess Crude Oil among others.
The former presidential candidate hinted that the budget was anchored on free and qualitative education from primary to tertiary level, rapid industrialisation, efficient healthcare delivery, agricultural development.
He added that the budget would also concentrate on infrastructure development and substantial provision, saying it would be channelled towards the completion of all ongoing projects while new projects of high priority would also receive attention in line with the state’s medium term expenditure framework.
Governor Okorocha maintained that the Budget performance was affected by the sharp drop in allocation from the Federation Account, which adversely affected the revenue profile of Imo State during the period, stressing that the 2016 budget was 39 billion Naira lesser than that of 2015.
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