Gov. Hope Uzodimma of Imo on Wednesday presented a N346.16 billion budget for the 2021 fiscal year to the state House of Assembly.
The budget titled “Budget of Wealth Creation” is made up of N74.66 billion recurrent expenditure and N271.52 capital expenditure.
Further breakdown of the estimate shows that the Consolidated Revenue Fund Charges (CRFC) is N13.33 billion; personnel cost, N14.12 billion; overhead costs, N33.72 billion and subvention costs, N13.46 billion.
Presenting the budget, Uzodimma disclosed that an increase in the personnel cost for ministries was anticipated to accommodate the new minimum wage of workers in the state civil service.
He said that his administration would adopt strategies towards reducing fiscal wastages and apply prudent utilisation of resources to enable him to execute proposed projects.
The governor also promised that the state government would continue to bridge the infrastructural deficits through creative financing strategies and private-public sector driven initiatives.
He further disclosed that the state government had taken steps to revive economic institutions which, according him, were devastated by previous administrations, through direct fiscal policy incentives.
Uzodimma commended members of the house of assembly for their “uncommon committment towards ensuring synergy in the machinery of government.”
The governor called for accelerated consideration and passage of the appropriation bill.
He also gave the assurance that his administration would remain open and accountable to the people notwithstanding the present economic challenges.
Earlier in his address, the Speaker, Mr Paul Emeziem (APC, Onuimo), said the budget was aimed at revamping infrastructure in the state which had suffered decay and abandonment.
Emeziem said the governor had convinced the house on his good intentions with his management of the 2020 budget while commending him for his achievements since he assumed office in January.
The speaker also stated that the legislature had not been “submerged into the executive arm,” adding that the members had only decided to identify with the executive.
The Deputy Speaker, Amarachi Iwuanyanwu (APC, Nwangele) assured the governor of their confidence in his abilities to steering the state for a better future.
Iwuanyanwu also promised a seamless quick consideration and approval of the budget while pledging total support of the house to the governor’s efforts towards wealth creation.
The speaker later adjourned the house till Dec. 17, for the second reading of the budget.