Governor of Imo State, Senator Hope Uzodimma, has signed into law the 2020 revised budget of one hundred and eight billion, three hundred and eighty five million, eight hundred and thirty six thousand, one hundred and thirty Naira only (N108,385,836,130).
Performing the signing ceremony at the Imo State Executive Council Chambers, Government House, Owerri, the governor said that the “revised 2020 Imo State Budget of rehabilitation, reconstruction and recovery heralds a fresh page, with great promise in the fiscal history of our great State, Imo.”
He informed that it was the first conscious step of the shared Prosperity Government to begin the implementation of a fiscal road map that guarantees economic liberation for the people of Imo State.
Describing the event as “a new dawn, a new day and a great new beginning,” he enjoined the prosperity team to be “proud of the glorious new day which comes with its attendant responsibilities and challenges.”
He expressed the state gratitude to the Speaker, Hon. Chiji Collins and the members of Imo State House of Assembly for their prompt and diligent attendance to duty and sacrifice in ensuring that the 2020 revised budget is passed into law on time.
The Governor gave an insight into the reasons for the revised budget, saying it was predicated on two reasons: the downward oil prices that have made the original budget unattainable and the revised National Medium Term Expenditure Framework (NMTEF) which is an agreement between Nigeria and the World Bank to help fund the short falls arising from the impact of the COVID-19 pandemic through its SFTAFS (State Fiscal Transparency Accountability For Sustainability) Programme.
He said for States to benefit from SFTAFS there is a lot of conditionalities attached to it which include but not limited to revised budget where COVID-19 related expenses must be at least 10 percent of total budget. According to him, such conditions and more are all captured in the revised 2020 Imo State approved budge