Photos ⬇ Executive Governor of Imo State, Hope Uzodimma, has presented the 2024 Budget Proposal to the Imo State House of Assembly on Wednesday 13 December, 2023.
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| Executive Governor of Imo State, Hope Uzodimma, presents the 2024 Budget Proposal to the Imo State House of Assembly on Wednesday 13 December, 2023. Photo: @Hope_Uzodimma1 |
The theme of the Budget is “Budget of Renewed Economic Growth”, as disclosed by the Governor.
According to Governor Uzodimma:
In presenting the 2024 budget proposal, I emphasize the unique circumstances surrounding this fiscal year, as it marks the commencement of my second tenure as the Governor of Imo State. The 10th Assembly, comprised of vibrant and committed young legislators, will consider this budget, reflecting a significant moment in our history.
The theme of the budget, “Budget of Renewed Economic Growth,” underscores our commitment to the economic advancement of Imo State. Out of the total budget of N592.2 billion, a substantial 82.9% is allocated to capital expenditure, amounting to N491.2 billion. This reflects a commendable 32% increase compared to the previous year, demonstrating our determination to stimulate and fast-track economic growth.
In reviewing the governance and the 2023 budget, the government achieved significant milestones in infrastructure development, security enhancement, Internally Generated Revenue (IGR) boost, and effective public financial management. Noteworthy achievements include the reconstruction of major roads, improvements in the water and power sector, advancements in the digital economy, housing and urban development, and humanitarian efforts.
The 2024 budget reinforces our commitment to sustained development, with key policy thrusts aligned with the 3R Agenda – Reconstruction, Rehabilitation, and Recovery. The budgetary framework considers macro-economic projections, including an oil price benchmark of $77.93 per barrel, daily oil production estimate of 1.1 million barrels per day, and an exchange rate of N816.96/USD.
I urged the Imo State House of Assembly (IMHA) to expedite the appropriation of the 2024 budget, recognizing its critical role in driving the envisioned economic growth and development. The proposed budget is a strategic tool to consolidate on past achievements and propel Imo State into a new era of prosperity.
– Hope Uzodimma
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