Governor Rochas Okorocha presenting the 2016 Budget to the Clerk of the State House of Assembly, Barr. Chris Duru on Tuesday, December 29, 2015. |
Imo State Governor,
Owelle Rochas Okorocha has presented the 2016 Budget to the State House of
Assembly totalling 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 that from the
total budget proposed, N44.045 billion will be for capital expenditure
representing 43.1% of the total budget, while N58.165 billion will be for 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 underdevelopment.
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.”
Governor Rochas Okorocha reading the 2016 Budget on the floor of the Imo State House of Assembly on Tuesday, December 29, 2015. |
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