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Governor Hope Uzodimma on Tuesday presented a 2023 budget of approximately ₦475 billion to the Imo State House of Assembly where he reiterated that his administration will continue to vigorously pursue policies and projects that will create wealth for the ordinary people.
After the presentation, members of the House of Assembly unanimously applauded the governor for laying foundations of economic growth that will outlive his administration.
The ₦474,466,276,267 2023 Budget of Wealth Expansion, Governor Uzodimma reminded the lawmakers, ‘is to satisfy the desires of the good of Imo State, promote sustainable economic development of the State, but most importantly, expand wealth and prosperity.’
He said the 2023 budget is aligned with the 3R’s (Reconstruction, Rehabilitation, and Recovery) Policy, which is to promote shared prosperity in Imo State.
“Government will therefore continue to put the well being of the citizenry at the centre of governance through the ongoing reconstruction of our dilapidated infrastructure both in the urban and rural areas as well as the provision of adequate security to protect the lives and property of our people.
The 2023 appropriation has a total budgeted revenue of N150, 450,189,428 with the sum of ₦9,054,906,110 budgeted as personal cost and representing 94 percent of the total budget estimate. The overhead cost is ₦47,670,177,270 as against the sum of ₦46,335,337,355 provided as overhead cost in 2022, representing 2.8 percent of the total budget estimate.
The sum of ₦15,743,247,101 increase is provided in the budget as Consolidated Revenue Fund Charges (CRFC).
The total Recurrent Revenue for 2023 budget is N150,450,189,428 while that of 2022 was ₦142,855,407,202, representing 5.1 percent increase in revenue projection.
In the 2023 budget, the Recurrent Expenditure is ₦100, 904,085,427.73 as against the sum of ₦96,746,349,775 in the 2022 approved budget and an increase of 4.1per cent.
The beauty of the 2023 appropriation is that the Capital Expenditure also increased substantially from what it was in the 2022 budget.
Thus, in the 2023 Budget, the Capital Expenditure is N373,562,190,839 compared to the sum of N284,416,597,902 in the 2022 approved budget, showing 23 per cent increase and representing 78.7 percent of the total budget size.
Governor Uzodimma reminded the lawmakers of the need to get the lighting at the Sam Mbakwe International Cargo Airport to function as well as the dredging of the Oguta Lake to Urashi river, all of which are capital intensive, but have the capacity to change the economic fortune of the State when they are completed like the road signature projects (Owerri-Orlu and phase I of Owerri-Okigwe roads) and the ongoing ones (Owerri-Mbaise-Umuahia and Orlu-Akokwa-Mgbee-Uga roads) across the state.
The governor who gave a synopsis of the Sector’s performances of the 2022 budget in the face of challenging times reminded the lawmakers that efforts would be intensified to generate enough resources through fiscal discipline and accountability that have become the hallmark of his administration.
He recalled that the gains recorded in the implementation of the budget of the fading year are already obvious in the new edifice that is today the Imo State Assembly Complex, the completed signature road projects and the ongoing ones, the investment in youth empowerment, among numerous other people-oriented programmes associated with the Shared Prosperity Government.