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Udenwa Proposes N35bn Budget for 2005
By Agha Ibiam, 12.07.2004
Imo
Governor Achike Udenwa of Imo State has proposed a budget of N35,714,149, 360 for the 2005 fiscal year, saying the budget is part of a Medium Term Economic Development framework being articulated under State Economic Development and Empowerment Strategy (SEEDS). The governor said it is anchored on the tripod vision of an emerging, re-invigorating and economically viable state that is well educated and based on entrepreneurial workforce and socially vibrant and politically conscious citizenry. The budget tagged: "The Budget of Partnership and Empowerment," Udenwa noted, is unique because of the rolling plan, presented in the document, spanning the years 2005-2007. He added that it represents the last of the three year medium term expenditure plans his administration would be privileged to execute. To exploit the abundant opportunities in full, he said his government has designed the budget with the central aim of opening up vast opportunities for employment generation and poverty alleviation for the youths, women and the rural communities. The highlights of the budget are as follows: recurrent revenue stood at N33,442,972,239 and recurrent expenditure at N24,585,453,180. Recurrent surplus, he said, is put at N8,857,519,059; capital receipts at N11,128,696,393 and capital expenditure at the same figure with capital receipts. The financial details of the budget which represents the recurrent non-debt expenditure comprises of personnel costs at N14, 074, 688, 287. Pension and Gratuities at N2, 161, 160, 769 and overhead costs at N5, 288, 733, 297. Debt services expenditure especially foreign debt deductions and local debt repayments stood at N2, 785, 870, 827 and N275, 000, 000 respectively the governor said. "My government will pursue these goals by building on the gains of the current year’s "Budget of Mobilisation" under a new strategic theme. While we move into a new phase of strategy, the 2005 budget remains formulated to mobilise and drawn from all the available resources to execute the government’s cardinal programmes. It will anchored on Agriculture, Industrialisation and re-orientation in partnership with our key stakeholders and for the empowerment of our people", he said. The governor explained that it is the objective of the administration to channel about 60 per cent of the State’s total expenditure to the areas of Agriculture, Small Medium Enterprise (SME) manufacturing, roads, education, health and public utilities in ways that lead to the general empowerment. Udenwa added that the administration will centre firmly on repositioning the state for private sector led growth in agricultural production and industrialisation. These priorities he said will be derived from the major goals of wealth creation, employment generation, good and transparent governance and poverty reduction as well as human development.
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