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Stanley Uzoaru, Owerri
Imo State Executive Council has approved the revised 2020 budget from N140 billion to N89 billion.
The proposal is to be submitted to the House of Assembly within seven days for consideration and approval.
Addressing newsmen at the Sam Mbakwe Executive Council Chambers, Government House, Owerri presided over by Governor Hope Uzodimma of Imo State, Commissioner for Information and Strategy, Declan Emelumba, said government decided to reduce the 2020 budget to come to terms with the economic realities of the moment.
He said the federal allocation and the 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.
He said he recurrent revenue was reduced by 40 percent from N32 billion to N19.6 billion and personnel cost increased from N8.9 billion to N9.7 billion.
