Imo State Governor, Owelle Rochas Okorocha, on Tuesday presented the 2016 appropriation of N102.2 billion to the Imo State House of Assembly.
The Budget of Consolidation and Continuity has a breakdown which that 43.1 % allotted for capital expenditure while 56.9 per cent is for recurrent expenditure.
According to Okorocha, the aim of this budget is to industrialize the state as well as enhance job creation. It will also budget would sustain the gains of the free education from primary to tertiary levels.
Okorocha disclosed that the state hoped to rake in N23.209 billion from the Federation Allocation, N17.458 billion which is to be generated from internally while N148 billion would be generated from excess crude account.
The Governor further stated that industrialization, healthcare delivery, agricultural development and infrastructure would be given more attention.
“Substantial provision will be channeled to the completion of ongoing projects while new ones of high priority will also receive attention in line with the state’s medium term expenditure framework,’’ he said.
“It is logical that revenue will also reduce drastically in 2016. This calls for stringent measures to effectively manage government expenditure to reduce the shock arising from the reduction in the Federation Account,’’ he said.