Imo state Governor, Emeka Ihedioha, on Wednesday presented a budget of N197.6 billion for the 2020 fiscal year to the state House of Assembly.
The budget estimate showed N91.4 billion for the recurrent expenditure and a capital expenditure of N106.2 billion, which represents 53.8 per cent of the proposed spending plan.
The Consolidated Revenue Fund Charges (CRFC) will remain the same with the 2019 budget provision at N16.3 billion.
Presenting the budget tagged “Rebuild Imo Budget 1,” Ihedioha disclosed that the personnel cost for Ministries reduced from N15.3 billion in 2019 to N8.9billion representing 41.5 per cent reduction.
The governor said that the overhead cost in the proposed 2020 budget increased from N17 billion to N34.7 billion.
He said this was as a result of increase in government activities, restoration of full workers’ salaries, allowances and the observance of the principle of separation of power among the three arms of government.
He however, disclosed that stringent measures would be taken to cut expenditures by Ministries, Department and Agencies (MDAs).
Ihedioha explained that the budget would focus on road infrastructure, improving on the ease of doing business and improving social infrastructure such as education, health services, water and sanitation.
He added that this would be achieved through the enhancement of internally generated revenue, smart public private sector investment and mutually beneficial state and local government partnerships.
The governor assured the Assembly of his administration’s commitment to implementing the budget in a prudent and responsible manner.
“On the strength of the foregoing, I am pleased to give assurances of our commitment to ensure value for money and to implement the budget in a prudent, accountable and responsible manner.
“This is a new dawn and the days of imperial governorship are over; we have put our hands together on the rebuild plough.
“Our eyes are fixed on the horizon and we see the silver-lining behind the dark clouds once again. God is on our side,” he said.
Receiving the appropriation bill, the Speaker of the Assembly, Mr Chiji Collins said that the legislators would give the bill accelerated hearing.
The speaker commended the governor for steps taken to rebuild the state and pledged the willingness of the legislature to partner the executive in moving the state forward. (NAN)