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Uzodimma presents N346bn Budget of Wealth Creation for 2021

By - - [ General ]

NHISBy Chidi Nkwopara & Chinonso Alozie

IMO State Governor, Senator Hope Uzodimma, yesterday, presented an Appropriation Bill of N346.169 billion to the State House of Assembly for the 2021 fiscal year.

Making the presentation to the lawmakers, Governor Uzodimma, said: “After a careful assessment of the present economic situation in the country and the prevailing macro-economic indices, I hereby present to you, a total proposed 2021 Budget of N346,169,972,085. The Budget is appropriately captioned Budget of Wealth Creation.”

While saying that the 2021 budget has a total budgeted recurrent revenue of N136,080,551,348, Uzodimma also disclosed that the sum of N14,120,082,285 is budgeted as personnel cost, which represents 16 percent of the total recurrent expenditure budget.

“An increase in personnel cost is anticipated to accommodate the payment of the new minimum wage to workers. Let me once again, assure Imo workers of the readiness of my government to pay the new minimum wage in 2021”, Uzodimma said.

He put the overhead cost  at N33,723,644,910, representing 52 percent of the total recurrent expenditure budget.

Addressing some of the jobs his administration has undertaken so far, the Governor recalled that in place of the demolished Ekeukwu Owerri market, “we are constructing an international market with close to 2,000 stalls and the market is designed to be a modern international market of world class standard.”

The sum of N13,338,198,348 is provided in the Budget as Consolidated Revenue Fund Charges (CFGC).”

He said the funding of the 2021 budget is based on the following assumptions: “FGN’s Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). FGN’s adoption of an Oil Price benchmark of $40 (USD) per barrel, daily oil production estimate of 1.86 Million barrels per day and an Exchange Rate of N379 per US Dollar for 2021. National Growth (GDP) of 3 per cent in 2021, driven largely by Non-Oil output, as economic diversification accelerates and the enabling business environment improves.”

Vanguard News Nigeria

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