Tags it ‘Budget Of Renewed Economic Growth’
Governor Hope Uzodimma of Imo State has presented his 2024 appropriation Bill of N592, 234,594,176 to the State Assembly, seeking the members’ kind consideration and expeditious passage of the Bill into law.
He did on Tuesday at the Imo State House of Assembly Complex where the Chambers were filled to capacity with Imo State sons and daughters and their friends who are key dignitaries from outside the State.
Tagged – Budget of Renewed Economic Growth, Governor Uzodimma said that the bill is at the heart of the consolidation of the economic gains already recorded during the first term of his administration, and to align the economic growth of Imo State with his 10 – year development plan.
His words: “It is significant in the sense that we are commencing the fiscal transition from one administration to another with the same captain. It is all to the glory of God. So, as I stand in these hallowed chambers today, I feel a sense of history unfolding.
“The budget proposal is for the first fiscal year of the first year of my second tenure in office as the democratically elected governor of Imo State. That is unique indeed. The 10th Assembly that will consider the budget for approval is also a brand-new Assembly of vibrant and committed young legislators elected by our people to pilot the affairs of the legislature for the next four years. This is also remarkable.
“Mr. Speaker, Honourable Members, it is, therefore, with great pleasure, in furtherance of my constitutional responsibilities as the governor of Imo State, that I am here today to place before you the draft proposals of the 2024 budget. In the last four years, my administration has worked relentlessly to address the myriads of challenges that we met on the ground when I assumed office as the governor of Imo State on January 15th, 2020.
“The challenges were enormous and cut across virtually all sectors; from dilapidated infrastructure to frightening youth unemployment, from decayed education to a failed health system, and from a crippled civil service to a public sector that was swimming in corruption. The State of affairs was enough to daunt even the bravest and strongest of men. But, our strength lies neither in bravery nor courage, but rather in well-grounded vision and mission, by the Grace of God.
“Mr. Speaker, Honourable Members, I am glad to report to you that in the last four years, through our now famous 3R mantra of Rehabilitation, Reconstruction and Recovery, we have been able to tackle and reasonably arrest these challenges. Pointers to this can be found in our famed and very successful programmes of infrastructure revolution, massive human capital development, the total rejuvenation and automation of the public service which has drastically reduced public service corruption and other laudable interventions in the health, education and social services sectors.
“Mr. Speaker, Honourable Members, with what we have achieved so far, there is no doubt that the last four years have been used to lay a solid foundation for the economic growth and development of Imo State. As a result, all macroeconomic indicators clearly show that Imo State is now positioned for accelerated growth and development. This is why I have themed the 2024 budget estimates as “BUDGET OF RENEWED ECONOMIC GROWTH.'”
Governor Uzodimma who said that the budget is focused on the rapid economic growth of Imo State noted that the capital expenditure for the 2024 budget is N491.2 billion while the recurrent expenditure will gulp N100.99 billion.
He explained: “Out of a total budget of N592.2 billion, capital expenditure will gulp 82.9% of the total budget, which amounts to a capital expenditure of N491.2 billion. Compared to the N373.6 billion budgeted for capital expenditure in the 2023 budget, the 2024 budget translates to a 32% increase in capital expenditure. This is a clear indication that we are determined to stimulate and fast-track the economic growth of our dear State.
“This point becomes clearer when we consider the 2024 budgetary allocation for recurrent expenditure of N100.99 billion out of which a total of N43.05 billion is provided for overhead expenditure in the 2024 budget. This accounts for less than 10% of the total budget sum. Also, compared to the figure of N48.34 Billion in 2023, the sharp decrease in the budgetary allocation for overhead expenditure stands as an unequivocal witness of our resolve to cut down on frivolous expenditure to help boost the funding of capital projects in the State.
“This is a further pointer that this administration is determined to checkmate all forms of leakage or waste of public resources. Prudent and efficient management of public funds is the new norm that cannot be compromised. As always, all capital projects must be subject to due process, routine scrutiny, and audit.”
Governor Uzodimma said that his administration will ensure that every act of sabotage in the implementation of the 2024 budget will be severely sanctioned.
His words: “All Commissioners or heads of MDAs with their Permanent Secretaries or Directors of Finance and Administration will henceforth be required to commit in writing and under oath, that the budgetary allocations to their MDAs shall be spent as appropriated.
“As I have always emphasized, my administration has no room for public sector corruption and graft. To this end, every public or civil servant working for this administration must do all within his or her powers to resist the lure of corruption. The only way we can achieve the goal of advancing our economic growth is by ensuring that every kobo meant for the common good is judiciously applied for that purpose. Let me reiterate that under my watch, the task of riding Imo State of public sector corruption is one that must be accomplished.
“It is also noteworthy that the budget is tailored to meet the goals of our 10-year Development Plan, which identifies the priority sectors and initiatives that will drive the growth and development of our dear State. Indeed, earlier in the year, I commissioned a team of experts working with the State government to come up with a 10-year development plan for our dear Imo State. I did so because I understand that every prosperous and sustainable economy is built on a carefully articulated vision and plan.
“In our own case, our development plan is built around the intervention framework of our 3R mantra of Rehabilitation, Reconstruction, and Recovery. Moving forward, I should let you know that priority sectors, industries, and projects that will accelerate the State’s economic prosperity have been identified by this plan.
The Orashi Free Trade Zone and the multiplier businesses therein are among the top sectors identified as having great potential to stimulate and accelerate the economic growth of the State. The plan also identified how to harness our agricultural potential and Mineral resources, and how to align them with the proposed establishment of ceramic industry and agro-processing facilities across the three senatorial districts of Imo State. Consequently, therefore, and drawing from the 10-year Development Plan, emphasis is laid on economic development, human capital development, agriculture, and massive youth empowerment. This explains why we have much of the budgetary expenditure coming under the Economic and Social Sector Heads.”
He further highlighted the focus of his government in the preceding year of 2023 and gains recorded in all the ministries, departments and agencies to include:
…Construction and rebuilding of critical infrastructure, municipal and social services, such as roads, bridges, water, electricity, hospitals, schools, etc
…Ensuring safety, security, and peace by tackling the hydra-headed problem of insecurity, which hitherto hindered the development of the State.
…Boosting of Internally Generated Revenue (IGR)
…Putting in place structures and facilities for the intensification of the drive for donor Assistance/External funding through collaborations and partnerships at International, National, and sub-National levels.
…Enhancing effective and prudent management of public finances (this is very critical)
…Enforcement of cost-saving measures with emphasis on value for money in the award of contracts for the construction of roads and other projects.
Others include in the area of reconstruction of major roads, Owerri capital city renewal, water and power sector, digital economy, housing and urban development, humanitarian affairs, disaster management and poverty alleviation, land administration and boundary issues, health, education, transport, grants for transparency, law and judicial reforms and general administration.
The 2024 appropriation will not only exceed the gains recorded in 2023 but expectations of the people.
On the profile of the 2024 budget and it’s thrust, Governor Uzodimma said: “As I said earlier, the 2024 Budget code-named “Budget of Renewed Economic Growth” is quite unique as it will usher in the first year of my second tenure in office as the Governor of Imo State. This was made possible by the special Grace of Almighty God and the overwhelming support and endorsement of Imo people.
“As I have always emphasized in my previous Budget Presentations to this Honourable House of Assembly, my vision of a New Imo State is predicated on Economic Freedom, Security and Shared Prosperity welded into good governance. In the year ahead, we will continue to vigorously pursue our vision under the 3R Agenda in order to consolidate our achievements and put in place the Imo of our dream where Freedom, Security, Rule of Law, Justice, Equity and Self- Actualization of all and sundry will be guaranteed, coupled with the overall improvement in the socio-economic wellbeing of all citizens. In this respect, the objective of the 2024 Budget has been carefully aligned to the Imo State Development Plan (2024-2034) (SDP) and the Medium Term Expenditure Framework (MTEF), as well as other sectoral plans and priority initiatives. This is to satisfy the desires of Imo people, which is to promote sustainable economic growth, development and to promote peace and prosperity.
“The 2024 Budget is also aligned with the 3R Reconstruction, Rehabilitation and Recovery Mantra. The following policies of government and strategies are to be deployed to realize the above mission.
They are:
…Participatory Governance throughDecember 12, 2023 Open Budget Process;
…Human Capital Development Agenda (Education, Health Care Services, improved Technology and Infrastructure);
…Growing the Private Sector and encouraging Public Private Partnership (PPP);
…Efficient Service Delivery;
…Grassroots Development and exploitation of our Natural Resources;
…Improved Security for Citizens and Residents of Imo State;
…Job creation and Massive Economic growth through Foreign Direct Investment; and
…Increase in Internally Generated Revenue (IGR).”
He said that the 2024 Budget has a total Budgeted Revenue of N241,002,701,430 with the Overhead cost put at N43,057,826,40, against the sum of N48,337,363,452 provided as overhead cost in 2023, representing 7.27% of the total Budget estimate and the sum of N15,743,247,101 provided in the budget as Consolidated Revenue Fund Charges (CRFC).
“Mr. Speaker, Honourable Members, after a careful examination of the present economic situation in the country and the prevailing Macro-Economic indices, I hereby present to you a total proposed Budget of N592,234,594,176 (Five Hundred and Ninety-Two Billion, Two Hundred and Thirty-Four Million, Five Hundred and Ninety-Four Thousand, One Hundred and Seventy-Six Naira) for the 2024 fiscal year.
“The budget is aptly christened BUDGET OF RENEWED ECONOMIC GROWTH.”
A breakdown of the 2024 budget shows:
the total Recurrent Revenue for the 2024 budget of N241,002,701,430 while that of 2023 was N150,450,189,428 representing a 60.2% increase in revenue projection.
Also, it shows the total Recurrent Expenditure of N100,994,842,135.38 as against the sum of N100,904,085,427.73 in 2023 approved budget representing 0.1% increase
The Capital Expenditure in the 2024 Budget is N491,239,752,040.82 compared to N373,562,190,839 in the 2023 approved budget, showing 31.5% increase.
The 2023 Approved Capital Expenditure for Economic sector was N278,131,684,040 while the amount for 2024 is N370,091,415,923 representing 33.1% increase.
The 2023 approved Capital Expenditure for Social Service Sector was N35,566,149,294; but was increased to N50,582,999,824 in 2024, representing 42.2% increase.
“In summary, the 2024 Capital Expenditure is N491,239,752,040.82 representing 83% of the total Budget size. The 2024 Budget came to a total of N592,234,594,176 (Five Hundred and Ninety-Two Billion, Two Hundred and Thirty-Four Million, Five Hundred and Ninety four thousand, one hundred and seventy six Naira).”
Governor Uzodimma thanked the lawmakers for their cooperation always saying that the
Government under his watch “will continue to implement people-oriented and well thought out policies and programmes that will enable us to achieve extensive infrastructural development, human capital development, increased revenue generation, job creation, poverty reduction and improved security as components of good governance for the development and overall well-being of the citizens of Imo State.”
“Having laid a formidable foundation in the last four years, we remain focused, and our resolve is unshaken, as we move with the right momentum into a phase of renewed economic growth.”
He urged them to accelerate the passage of the bill into law “so that it can become operational by January 1st, 2024.”
The Governor rounded off: “The occasion of this Budget presentation further presents me with a unique opportunity to extend, once again, my profound gratitude to Imo people for their resounding vote of confidence on my administration through their massive votes for me in the
November 11th election. I shall remain forever grateful to all of you for this rare show of love and solidarity. By making me the first governorship candidate to win in all the 27 local government areas of the state, you have written my name in gold. I thank you.
“I also know that to whom much is given much is expected. I want to assure you that I will not disappoint you. If you are impressed with our performance in the last four years, then I can confidently tell you in the famous American slang that ‘You ain’t seen nothing yet.'”
“I want to assure you that in the next four years, I will stop at nothing to ensure that I will actualize that new Imo of our dream where prosperity, job
opportunities, and peace shall reign. I expect that the ongoing dredging of Oguta Lake/ Orashi River to the Atlantic Ocean would materialize within this period, and I know it will come with abundant opportunities for job creation and economic growth.
“Let me also use this opportunity to appeal to the few unrelenting detractors still around to bury the hatchet and sheathe their swords. If with the outcome of the last election and the outcome of the latest Supreme Court matter, they still cannot see the hand of God in all of it, then they must be in deep slumber. As the scripture says, there is time for everything, a time to laugh, and a time to cry. The elections are over, and it is time to govern. Let us join hands as brothers and sisters and make Imo State great again. Imo State is the only State we can call our own. Together, therefore, we should defend this proud heritage of ours. The new Imo State under my watch shall truly remain the government of the people by the people and for the people. Let us give her all the support at our behest.”
Key APC members including the National Chairman Dr Abdullahi Ganduje, the National Vice Chairman South, Chief Emma Enukwu, deputy Governor of Imo State, Prof Placid Njoku, the Deputy Governor-elect Lady Chinyere Ekomaru, the Chairman of Imo State Council of Traditional rulers, HRH Eze EC Okeke, representatives of different faiths, top government officials among others witnessed the presentation.
