December 20, 2013 – Imo State Government 2014 Budget: Governor Okorocha Presents N137 Billion
The Imo State governor, Owelle Rochas Okorocha yesterday presented a budget of N137,026,528,434 for 2014 to the Imo State House of Assembly.
Governor Okorocha, who tagged the 2014 budget as the budget of consolidation, said that the poverty rate in the state has reduced drastically since the inception of his administration in 2011, as a result of his rescue mission agenda, which is anchored on the four-year development plan.
He also pointed out that the 2014 budget would accord priority to ongoing projects that will grow the economy, create employment and increase internal revenue generation capacity of the state.
“Today, the entire state is a huge construction site and the administration is committed in ensuring that the projects are completed”.
A breakdown of the budget showed that a total sum of N75,642,655,847, representing about 55.20 percent is for capital projects while the total sum of N61,383,872,587, representing about 44.8 percent of the total budget is for recurrent expenditure.
Major highlights of the capital expenditure include allocation of N45,989,614,100 to the economic sector, which is made up of agriculture, commerce and industry, works and housing, transport and tourism, lands and road development.
Okorocha also said that a total sum of N5.2 billion has been set aside for the agricultural sub- sector in the 2014 appropriation for the provision of loans and farm inputs, the palm for palm programme and to strengthened the state investment”.
The speaker of the state Assembly, Hon. Benjamin Uwajumogu, earlier in his speech, had noted that the Rescue Mission Agenda of the present administration is becoming clearer to the people of the state, stressing: “The pace of development speaks for itself as no past administration had set such high standard of performance”.