Imo State Governor Hope Uzodimma, on Friday, presented a proposed budget of N381,462,947,677 billion for the 2022 fiscal year.
The budget captioned “Budget of wealth consolidation and recovery” earmarked N96,746,349,775 for recurrent expenditure representing 23.36 percent of the budget and N284,716,597,902 for capital expenditure, representing 74.64 percent.
The budget set aside N8,980,000,000 from the recurrent expenditure and N6,379,828,253 from the capital expenditure to mitigate the negative effects of the COVID-19 pandemic.
The Consolidated Revenue Fund Charges (CRFC) representing 16.27 percent is N15,743,247,101 naira, proposed personnel cost is N11,560,053,039, overhead costs is N46,335,337,355 while N23,107,712,280 was proposed for subvention costs.
N142,334,052,933 representing 50 percent of the capital expenditure was mapped out for the economic sector, N55,757,500,000 for social services sector.
The budget also earmarked N78,125,931,053 for the administrative services sector and N8,499,113,916 for government transfers.
Uzodimma while presenting the budget noted that its aim is to satisfy the desires of all the people of the state, promote sustainable economic development and promote prosperity.
He added that it is aimed at putting the wellbeing of the citizenry at the centre of governance through massive reconstruction of the states dilapidated infrastructure.
He further noted that this will be achieved by adopting a participatory governance through open buget process, human capital development and grassroot development among others, Sun News reports.
The governor commended the House for their solidarity to his administration and pledged to vigorously pursue the implementation of policies,programmes and projects captured in the budget.
