Gov Uzodinma Signs N108.3bn Revised Budget Into Law

The Imo State governor, Senator Hope Uzodinma, Friday, signed 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) into law. The event held at the Imo State Executive Council Chambers, Government House, Owerri.

Senator Uzodinma stated that the revised 2020 Imo State Budget of rehabilitation, reconstruction and recovery ushered in robust potentialities in the fiscal history of the state, adding that it was the first step towards the implementation of a fiscal road map to guarantee economic liberation of the people of the state.

He further commended the members of the Imo State House of Assembly, led by the speaker, the Hon Chiji Collins, for their commitment and sacrifices in ensuring that the 2020 revised budget was passed into law. Gov Uzodinma said the revision of the budget was predicated on the downward oil prices which made the original budget unfeasible and the revised National Medium Term Expenditure Framework (NMTEF) which was an agreement between Nigeria and the World Bank to help finance the short falls arising from the impact of the coronavirus pandemic through its State Fiscal Transparency Accountability For Sustainability programme.

In his words, “For states to benefit from SFTAFS, there are conditions which include revision of the budget where Covid-19-related expenses must be at least 10 percent of the total budget.”