Gov. Rochas Okorocha of Imo on Monday presented a N195.74 billion budget
for the 2013 fiscal year before the state's House of Assembly.
The
budget is made up of N63.56 billion (32.47 per cent) recurrent
expenditure and N132. 18 billion (67.53 per cent) capital expenditure.
Presenting
the budget christened ``Rescue Budget II'', Okorocha said that the
proposal would be financed through the projected recurrent revenue of
N93.88 billion and capital receipts of N101.85 billion.
The
breakdown of the sectoral allocations showed that the economic sector
got the highest allocation of N59.17 billion, representing 47.2 percent
General administration was allocated N33.14, about 30.48 per cent, while the social sector got N27.81 billion.
Giving
details of the revenue, the governor said that the state’s share of
federal allocations would amount to N54.40 billion while N13.37 billion
was expected from Internally Generated Revenue (IGR).
He said
that N8.41 billion was expected from Value Added Tax (VAT), N8.24
billion from excess crude oil fund and N6.86 billion from derivation
fund.
Others are oN1ne billion naira refund from the Niger Delta
Development Commission (NDDC), N700 million from the Ecological Fund and
N900 interest on bond transfer.
Details of the capital receipt
indicated that N81 billion would be sourced from internal loans and
N13.86 billion from direct funding.
Other capital receipts are
N1.15 billion from grants, N86.5 million from development partner
intervention and N5.02 billion miscellaneous.
Okorocha said that
the administration would continue to pursue its free education programme
for Imo indigenes while granting 50 per cent bursaries to non Imo
indigenes in primary, secondary and tertiary institutions in the state.
The
governor said the state would embark on robust agricultural programmes,
complete the on-going road projects and embark on new ones.
He
said that during the fiscal year, 16 old water schemes in the state
would be rehabilitated while 10 new ones would be provided.
Okorocha
added that the 27 new general hospitals being built would be completed
and equipped while other health programmes would be pursued with vigour.
He
commended the state legislature for supporting the executive and said
that his administration had achieved a lot because of the cordial
relationship between the two arms.
The Speaker of the house, Mr
Benjamine Uwajimogu, noted that all the programmes encapsulated in the
state’s four-year rolling plan were on course.
Uwajimogu noted
that the assembly had the responsibility to ensure that the state's
budgets were implemented as passed, saying that the assembly had
resolved to work in harmony with the executive to ensure the development
of the state.
The speaker urged the governor to endeavour to
present subsequent budgets in September, to enable the house to consider
them thoroughly before passage, adding that this would ensure timely
implementation.
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