Imo Budgets N102.2bn For 2016 Fiscal Year

Imo State Governor has presented a proposed budget of N102,208,328,832
for the 2016 fiscal year, to the state House of Assembly, tagged
"Budget of consolidation and continuity."

Making the presentation, yesterday, Governor Rochas Okorocha said that
this was lower than the 2015 budget by N41.11 billion, which
translates to 28.7 percent.

"The budget consists of N44.043 billion capital expenditure,
representing 43.1 percent of the total budget and N58.165 billion
recurrent expenditure, which represents 56.9 percent of the total
budget," Okorocha said.

The governor put the projected recurrent revenue at N76,074,165,612,
while the capital receipts was put at N26,134,316,419.
Okorocha said that outside normal taxes and fees, government intends
to collect over N522.55 million through the Imo Geographic Information
Services, IGIS, from the Ministry of Lands, Survey, Housing and Urban
Planning, as well as over N2.5 billion from anticipated interest and
bond proceeds from government investment within the second quarter of
2016.

"N5 billion is expected to be generated through the Environmental
Transformation Commission, ENTRACO, and other revenue consultants set
up by government," Okorocha said.
Saying that his administration will endeavour to enforce all the
existing revenue laws through revenue courts and effective use of
Alternative Dispute Resolution methods, Okorocha noted that government
remains committed to reducing incidences of tax evasion to the barest
minimum in the new fiscal year.

-Vanguard