Okorocha budgets N102.2bn for 2016

The Imo State Governor, Rochas Okorocha, has proposed a total budget of N102.2bn for the 2016 fiscal year.

Okorocha presented the budget, which he tagged a ‘Budget of Consolidation,’ to the state House of Assembly on Tuesday for consideration.

The budget, he said, was lower than that of the year 2015 by N41.11bn, which according to him, translates to 28.7 per cent.

The budget consists of N44.043bn capital expenditure representing 43.1 per cent of the total budget and recurrent expenditure of N58.165bn or 59.9 per cent of the appropriation bill.

Okorocha said that the projected recurrent revenue of the budget was N76.074,165,612 while the capital receipts stood at N26,134,316.419.

He said that the core objective of the budget was to satisfy the desires of Imo State people in line with the Rescue Mission Programme of his administration.

“The sustainable Development Goals (SDGs), the Federal Government Development Agenda and my current four-year Development Plan (2015-2019) for Imo State will provide appropriate strategies that will guide the implementation of the 2016 budget,” he stated.

He added that the overheads for the proposed budget had been projected to decrease by about 17 per cent relative to that of the 2015 approved budget.

Okorocha stressed that this was as a result of stringent measure taken to cut expenditure by ministries, departments and agencies.

PUNCH NIGERIA