Imo State Governor Hope Uzodimma on Wednesday presented a budget of N345 billion to the House of Assembly for the 2021 fiscal year.
The ‘Budget of Wealth Creation’ earmarked N74 billion (50 per cent) for recurrent expenditure and 271 billion for capital expenditure.
The Consolidated Revenue Fund Charges (CRFC), representing 20 per cent is N13 billion, proposed personnel cost is N14 billion, overhead costs (33.7 billion) and subvention costs (N723 billion).
Uzodimma said an increase in the personnel cost for ministries is anticipated to accommodate the new minimum wage.
He, however, said the government would adopt strategies to reduce fiscal wastages and apply prudent utilisation of resources to execute projects.
The governor also promised that the state will continue to bridge the infrastructural deficits through creative financing strategies and private public sector driven initiatives.
Speaker Paul Emeziem said the budget was aimed at reconstructing the infrastructure in the state which has suffered decay and abandonment.
He adjourned sitting till today for the second reading.