The governor of Imo State, Hope Uzodimma, presented N346.1bn for the 2021 budget before the state Assembly on Wednesday.
Uzodimma, presenting the budget at the House of Assembly Complex in Owerri explained that the amount proposed for the 2021 fiscal year, was N271.5bn meant for capital expenditure which represents 78.4 per cent of the budget.
The figure was said to be a healthy development considering the fact that in the past, recurrent expenditure took a large block of the budget.
Uzodimma said, “You will recall that the 2020 budget was reversed in direct response to fiscal pressures from both internal and external sources.
“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.”
Uzodimma further explained that the overhead costs in the 2021 budget are 33,723,644,910, 24,084,285,489, which represented 52 percent
He said, “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.”