Imo State governor, Hope Uzodimma, has presented a budget of N346.1 billion for the 2021 before the state Assembly.
While presenting the budget at the House of Assembly Complex in Owerri on Wednesday, Uzodimma said of the amount proposed for the 2021 fiscal year, N271.5bn, representing 78.4 per cent of the budget was for capital expenditure.
The governor said the figure was a healthy development considering the fact that in the past, recurrent expenditure took a large chunk of the budget.
“You will recall that the 2020 budget was reversed in direct response to fiscal pressures from both internal and external sources,” he said.
“I am glad to report that our efforts in this direction enabled us to effectively and courageously contain the public health challenges from COVID-19 pandemic, as well as make moderate progress on other economic sectors.”
According to the governor, overhead costs in the 2021 budget are 33,723,644,910, 24,084,285,489, which he said represented 22 percent.
“Personnel costs are 14,120,082,284; 9,396,052,985, representing 16 per cent. Subvention costs are 13,462,316,398; 16,901,199,437, representing 12 percent. Total recurrent expenditure are 74,664,241,941; 63,419,736,259, “ the governor said.