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Home Business News Politics

Governor Uzodimma presents N346 billion 2021 “Budget of Wealth Creation”

Chidi Emenike by Chidi Emenike
December 17, 2020
in Politics
Governor Uzodimma presents N346 billion 2021 "Budget of Wealth Creation"
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Governor Hope Uzodimma of Imo State has today presented a 2021 financing proposal tagged “Budget of wealth creation”, worth N346 billion to the Imo State House of Assembly.

This is according to a disclosure by the Governor himself through a verified tweet, seen by Nairametrics.

READ: FG expected to spend a record N12.65 trillion for 2021 budget

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1/Today, I presented the 2021 budget to the Imo State House of Assembly(IMHA)

The budget is titled: The Budget Of Wealth Creation. pic.twitter.com/BDoRnthzRD

— Hope Uzodimma (@Hope_Uzodimma1) December 16, 2020

READ: Budget 2020: Oil workers to earn N75 billion

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The Governor revealed that the 2021 budget is based on some key criteria, among which are;

  • FGN’s medium-term expenditure framework (MTEF),
  • The Federal Government Fiscal Strategy Paper (FSP),
  • An oil price benchmark of $40 per barrel and 1.86 million barrels of output per day,
  • An exchange rate of N379/$1 for 2021 and
  • A national GDP growth rate of 3% in 2021, largely driven by Non-Oil export.

READ: 2023 Elections: I am not an advocate of zoning – Fayemi

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What you should know about Imo states’ 2021 budget

  • The total proposed budget sum for 2021 is N346, 169,972,082.
  • The total sums of N74.66 billion and N271.52 billion were budget for recurrent and capital expenditure respectively.
  • The proposed sum of N33.72 billion was budgeted for overhead costs representing about 52% of the total recurrent expenditure, while the sum of N14..12 billion was budgeted as personnel cost, representing 16% of the total recurrent expenditure.
  • The sum of N13.34 billion is provided in the budget as consolidated revenue fund charges (CRFC).

READ: Nigeria allocates N3.12 trillion to service debt in 2021, as fiscal quagmire undermines ambitious recovery

What they are saying: Commenting on the goal of the budget, the Governor of Imo State, Senator Hope Uzodimma said: “It is expected that the budget will capture every sector of the state which will lead to an uncommon and unequalled development in the state.”

READ: FAAC: 3 tiers of government shared N601 billion as federation allocation for November

Explaining why there is a proposed increase in overhead cost, Sen. Uzodimma further added that: “An increase in personnel cost is anticipated to accommodate the payment of the new minimum wage to workers in the state.”

READ: The Problem with Nigeria’s proposed healthcare budget cuts

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