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.
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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
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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.
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What you should know about Imo states’Â 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).
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.”
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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.”
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