Governor Hope Uzodimma of Imo Friday presented a budget estimate 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, proposed personnel cost is N11,560,053,039, overhead cost is N46,335,337,355, while N23,107,712,280 is for subvention cost.
N142,334,052,933 representing 50 percent of the capital expenditure was mapped out for the economic sector, while N55,757,500,000 is 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.
Presenting the budget, Uzodimma stated that the objectives of the budget 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 well being of the citizenry at the centre of governance through massive reconstruction of the state’s dilapidated infrastructure.
He further said that it will be achieved by adopting a participatory governance through open budget process, human capital development and grass root development among others.
The governor seized the opportunity afforded by the presentation to commend the House of Assembly for their solidarity to his administration and pledged to vigorously pursue the implementation of policies, programmes and projects captured in the budget.
Earlier in his address, the speaker, Kennedy Ibeh, had assured the governor that the 2022 budget would be passed expeditiously to enable him continue his “good works” for the 2022 financial year.
Ibeh expressed confidence that the 2022 Appropriation Bill would address the aspirations of Imo people by providing more infrastructural policies.
He further commended the governor for demonstrating uncommon courage in rising up to the new dimensions of crime, criminality and banditry in the recent past and also on the recovery of government property as well as those of the citizens which were illegally acquired by the past administration.