In a fresh development, the Imo state government has finalised on the state’s budget review thereby arriving at the decision to slash the state’s budget from ₦140bn to a considerable ₦89bn.
He said that the Federal Allocation and the State Internally Generated Revenue (IGR) have been negatively affected by the economic crunch made worse by the COVID-19 pandemic that has affected the oil revenue.
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He informed that the recurrent revenue was reduced by 40 percent, from ₦32b to 19.6b and that the personnel cost was increased from ₦8.9b to ₦9.7b, whereas subventions were reduced by 47 percent, that is from ₦33.8b to ₦17.8b.
Emelumba stressed that the objective is to enable the state government fund its projects effectively through IGR, saying that what the state wants do is to harness all her sources of IGR base.