Gov. Rochas Okorocha of Imo on
Monday presented a N195.74
billion budget for the 2013 fiscal
year before the state's House of
Assembly. The budget is made up of N63.56
billion (32.47 per cent) recurrent
expenditure and N132. 18 billion
(67.53 per cent) capital
expenditure. Presenting the budget
christened ``Rescue Budget II'',
Okorocha said that the proposal
would be financed through the
projected recurrent revenue of
N93.88 billion and capital receipts of N101.85 billion. The breakdown of the sectoral
allocations showed that the
economic sector got the highest
allocation of N59.17 billion,
representing 47.2 percent General administration was
allocated N33.14, about 30.48 per
cent, while the social sector got
N27.81 billion. Giving details of the revenue, the
governor said that the state’s
share of federal allocations
would amount to N54.40 billion
while N13.37 billion was expected
from Internally Generated Revenue (IGR). He said that N8.41 billion was
expected from Value Added Tax
(VAT), N8.24 billion from excess
crude oil fund and N6.86 billion
from derivation fund. Others are oN1ne billion naira
refund from the Niger Delta
Development Commission (NDDC),
N700 million from the Ecological
Fund and N900 interest on bond
transfer. Details of the capital receipt
indicated that N81 billion would
be sourced from internal loans
and N13.86 billion from direct
funding. Other capital receipts are N1.15
billion from grants, N86.5 million
from development partner
intervention and N5.02 billion
miscellaneous. Okorocha said that the
administration would continue to
pursue its free education
programme for Imo indigenes
while granting 50 per cent
bursaries to non Imo indigenes in primary, secondary and tertiary
institutions in the state. The governor said the state
would embark on robust
agricultural programmes,
complete the on-going road
projects and embark on new
ones. He said that during the fiscal
year, 16 old water schemes in the
state would be rehabilitated
while 10 new ones would be
provided. Okorocha added that the 27 new
general hospitals being built
would be completed and
equipped while other health
programmes would be pursued
with vigour. He commended the state
legislature for supporting the
executive and said that his
administration had achieved a
lot because of the cordial
relationship between the two arms. The Speaker of the house, Mr
Benjamine Uwajimogu, noted that
all the programmes encapsulated
in the state’s four-year rolling
plan were on course. Uwajimogu noted that the
assembly had the responsibility
to ensure that the state's
budgets were implemented as
passed, saying that the assembly
had resolved to work in harmony with the executive to ensure the
development of the state. The speaker urged the governor
to endeavour to present
subsequent budgets in
September, to enable the house
to consider them thoroughly
before passage, adding that this would ensure timely
implementation.
m.news24.com/nigeria/National/News/Okorocha-proposes-N19574-Bln-budget-for-2013-20121204

The budget is made up of N63.56
billion (32.47 per cent) recurrent
expenditure and N132. 18 billion
(67.53 per cent) capital
expenditure.

Ultimately, a much higher percentage of the budget should be targeted at capital project. 67% is fair enough though. Not bad!

yea

With all the tourist (and gas) potentials of Imo state, they should be aiming (in the in-coming year) for an IGR of at least 36 billion naira per annum; they should seek for a serious private investor (could be a consortium) with the financial clout to match, to invest in Oguta lake resort and turn it into a world class destination.

Investing in Oguta Lake would be even more profitable if it had a rail link with Owerri airport and/or Port Harcourt.


https://www.youtube.com/watch?v=WxH3rPChJIU

Almost 50% of budget (81 billion naira) to be sourced from loan ??. Something does not seem right about the budget of rochas.