The governor of Imo State, Hope Uzodimma, on Tuesday, presented a proposed budget of N474,466,276,267.00 to the state lawmakers for the 2023 fiscal year.
The proposed budget christened ‘Budget of wealth’ expansion seeks to improve the state’s economy, security, agriculture, education, health, and transportation sectors, amongst others.
Giving the breakdown of the proposal, the governor disclosed that the total Recurrent Revenue for the 2023 budget was N150,450,189,428 while that of 2022 was N142,855,407,202.
He explained that the statistics represented a 5.1 per cent increase in revenue projection.
Uzodimma further explained that Capital Expenditure in the 2023 budget is N373,562,190,839 compared to the sum of N284,416,597,902 in the 2022 approved budget.
He said that the figure showed a 23 per cent increase when compared with the 2022 budget.
Giving a further breakdown, Uzodimma said Internally Generated Revenue, N79,844,525,976; Statutory allocation, N35,014,489,618; Value Added Tax, N15,774,358,033; Excess Crude, N2,966,000,000; 13 per cent Derivation Fund; N11,683,583,907; Other External Revenue N2,562,372,569; Exchange Gain difference N769,946,557, Forex Equalization Account N1,740,831,048; Excess Bank, charges N94,081,720.
The governor said, “Mr Speaker, honourable members, there can be a no-better opportunity to extend my appreciation to all of you for your undying support and commitment to the ideals of my shared prosperity administration. You have always been there to offer legislative cooperation whenever needed. Without a doubt, you have been worthy partners in the faithful implementation of our vision of a prosperous and peaceful Imo State. I thank you all immensely, and I remain proud of you all.
“As you can deduce from the budget estimates which I am laying before you today, my administration is ever committed to the wellbeing of every Imo person; child, boy, girl, man and woman, including the aged and the disabled.
“We will continue to vigorously pursue those policies and projects that will create wealth for the ordinary Imo people, provide enabling environment for investors and ensure the security of the lives and property of Imo indigenes and residents. This is the social contract which I entered into with the good people of Imo State, and by the grace of God, I shall keep it with every energy at my behest.
“It is also in the spirit of this social contract that I am glad to inform my esteemed Imo people that my administration has taken necessary legislative measures to ensure that henceforth, those who loot, or looted, the commonwealth of Imo people are promptly brought to book. Last May, I signed into law, a bill by this August Assembly known as IMO STATE PUBLIC COMPLAINTS, FINANCIAL CRIMES AND ANTI CORRUPTION COMMISSION, otherwise, known as law No 2 of 2022.
“By the provisions of this law, those who defrauded or defraud Imo people, either by embezzling public funds or looting public treasury or siphoning money for contacts not done or and all sundry corrupt practices, will now have to face the full wrath of the law. So let all and sundry take notice therefore that the days of business as usual are legally over.
“Mr Speaker, it is now my pleasure to lay before this honourable house, the 2023 budget estimates of N474,466,276,270.00 only. for your consideration and passage into appropriation law.
“With the comfort and convenience of modern communication gadgets at your disposal in your brand new chambers, I believe you will pass the budget within record time.”
