Gov. Rochas Okorocha of Imo on Monday presented a N195.74 billion budget for the 2013 fiscal year before the state's House of Assembly.
The budget is made up of N63.56 billion (32.47 per cent) recurrent expenditure and N132. 18 billion (67.53 per cent) capital expenditure.
Presenting the budget christened ``Rescue Budget II'', Okorocha said that the proposal would be financed through the projected recurrent revenue of N93.88 billion and capital receipts of N101.85 billion.
The breakdown of the sectoral allocations showed that the economic sector got the highest allocation of N59.17 billion, representing 47.2 percent
General administration was allocated N33.14, about 30.48 per cent, while the social sector got N27.81 billion.
Giving details of the revenue, the governor said that the state’s share of federal allocations would amount to N54.40 billion while N13.37 billion was expected from Internally Generated Revenue (IGR).
He said that N8.41 billion was expected from Value Added Tax (VAT), N8.24 billion from excess crude oil fund and N6.86 billion from derivation fund.
Others are oN1ne billion naira refund from the Niger Delta Development Commission (NDDC), N700 million from the Ecological Fund and N900 interest on bond transfer.
Details of the capital receipt indicated that N81 billion would be sourced from internal loans and N13.86 billion from direct funding.
Other capital receipts are N1.15 billion from grants, N86.5 million from development partner intervention and N5.02 billion miscellaneous.
Okorocha said that the administration would continue to pursue its free education programme for Imo indigenes while granting 50 per cent bursaries to non Imo indigenes in primary, secondary and tertiary institutions in the state.
The governor said the state would embark on robust agricultural programmes, complete the on-going road projects and embark on new ones.
He said that during the fiscal year, 16 old water schemes in the state would be rehabilitated while 10 new ones would be provided.
Okorocha added that the 27 new general hospitals being built would be completed and equipped while other health programmes would be pursued with vigour.
He commended the state legislature for supporting the executive and said that his administration had achieved a lot because of the cordial relationship between the two arms.
The Speaker of the house, Mr Benjamine Uwajimogu, noted that all the programmes encapsulated in the state’s four-year rolling plan were on course.
Uwajimogu noted that the assembly had the responsibility to ensure that the state's budgets were implemented as passed, saying that the assembly had resolved to work in harmony with the executive to ensure the development of the state.
The speaker urged the governor to endeavour to present subsequent budgets in September, to enable the house to consider them thoroughly before passage, adding that this would ensure timely implementation.