Imo State Governor, Owelle Rochas Okorocha has presented the 2016 Budget to the State House of Assembly, proposing a total of N102,208,328,832 (One hundred and two billion, two hundred and eight million, three hundred and twenty eight thousand, eight hundred and thirty two Naira) for the fiscal year.
Presenting the budget to the Assembly on Tuesday, December 29, 2015, Governor Okorocha said out of the total budget proposal consists of N44.045 billion capital expenditure representing 43.1% of the total budget, and N58.165 billion Recurrent expenditure which represents 56.9% of the total budget.
In the budget tagged “Budget of “Consolidation and continuity,” Governor Okorocha stated that the 2016 budget was lower than that of 2015 budget by N41.11 billion which represents 28.7%, stressing that the core objective of the 2016 budget would be to satisfy the desires of the good people of the state in line with the Rescue Mission programme of the administration which is to rescue the state from the shackles of poverty, deprivation, and under development.
He also remarked that the state would be launched on a steady path of sustainable economic growth and development; adding that the budget figure was arrived at after due bilateral discussions with all stakeholders through the ministries, departments and agencies coupled with the revenue performance of 2015.
In the recurrent expenditure, Consolidated Revenue fund charges would have N18.3 billion, and overhead costs, N12.4 billion, Personnel costs, N10.3 billion, and subvention costs, N16.86. Under the capital expenditure, the Economic sector takes the lion share of N27.3billion, followed by General Administration which has N10.8 billion and the least being ISOPADEC having N300 million.
The governor said “recent happenings regarding inflows from the federation account make it imperative for us to follow the Public Private Partnership (PPP) Investments initiatives that will drive increased yield in our Internally Generated Revenue (IGR). The government’s reforms already on-going will be sustained. We have worked tirelessly to attain this height.”
Chief Press Secretary to the Governor