Uzodinma signs revised N108bn 2020 budget in law

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The Imo state governor, Hope Uzodimma, has signed into law the revised 2020 budget of N108, 385,836,130 at Government House, Owerri.

Uzodinma said signing the budget of “Rehabilitation, Reconstruction and Recovery” into law would herald great promise in the fiscal history of the state.

While breaking down the earlier approved budget and the revised one, Uzodimma said recurrent expenditure in the approved budget stood at N91, 509,058,587, while the recurrent expenditure in the revised budget was N63, 419,736,259. The approved 2020 capital expenditure was N106, 283,584,680, while the revised capital expenditure budget is now N44, 966,099,871.

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“On the whole, after a careful review of the 2020 approved budget and taking into consideration the fall in oil prices and its negative effect on the national economy, coupled with the COVID 19 pandemic which necessitated the downward review of the 2020 approved budget, the total  2020 revised budget now stands at N108, 385,836,130.” Uzodimma said.

He said the revised budget  would enable the government begin the implementation of its mantra of  “shared prosperity” agenda through a well thought out fiscal roadmap that guarantees economic liberation for the people.

The governor also linked the review to the National MTEF and Nigeria’s agreement with the World Bank to help fund the shortfalls arising from the impact of the COVID-19 pandemic through its States Fiscal Transparency Accountability for Sustainability (SFTAS) programme.

The programme he explained would avail states certain grants up to $20 million per state, if they meet specified conditions, which included, but not limited to, preparing a credible COVID-19 response budget.

“Part of the SFTAS requirements for this revised budget is that COVID-19 related expenses must be at least 10 percent of the total budget. All these and more, the revised 2020 budget has captured.”