2024 BUDGET SPEECH: BUDGET OF RENEWED ECONOMIC GROWTH

PRESENTED BY HIS EXCELLENCY, SENATOR HOPE UZODIMMA, THE EXECUTIVE GOVERNOR OF IMO STATE.
 
INTRODUCTION
 
I am delighted to stand in these hallowed chambers of the 10th House of Assembly of our dear state Imo to present the 2024 budget proposals. This is, indeed, a significant moment in our history, thanks to Almighty God. 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 legislaturefor 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”.
 
As the caption suggests, the budget is focused on the rapid economic growth of Imo State. 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.
 
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 isone 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 3 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. 
 
REVIEW OF GOVERNANCE AND THE 2023 BUDGET
The focus of the government in the preceding year of 2023 was on:
(i) Construction and rebuilding of critical infrastructure, municipal and social services, such as roads, bridges, water, electricity, hospitals, schools, etc
(ii) Ensuring safety, security, and peace by tackling the hydra-headed problem of insecurity, which hitherto hindered the development of the State.
(iii) Boosting of Internally Generated Revenue (IGR)
(iv) 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.
(v) Enhancing effective and prudent management of public finances (this is very critical)
(vi) Enforcement of cost-saving measures with emphasis on value for money in the award of contracts for the construction of roads and other projects.
 
ACHIEVEMENTS
Mr. Speaker, Honourable Members of the House, the State Government under my watch recorded a number of laudable achievements in the 2023 fiscal year. These include:
 
RECONSTRUCTION OF MAJOR ROADS
One of the major priorities of my administration since my assumption of office in 2020 is the construction, rehabilitation, and maintenance of urban and rural roads in the state. Using the limited resources available to the state, we have been able to achieve maximum impact in the areas of constructing good quality, durable, and sustainable roads in the three Senatorial Zones of the State. In 2023, we continued to consolidate on previous achievements in road reconstruction. In the process, we recorded additional milestones on road construction. This will further stimulate the realization of our vision to rebuild, reposition, develop, and massively upgrade the road infrastructure in the state. Thus, a total of 63 roads were completed and commissioned in 2023 (details in the budget). Going forward, my administration will continue to focus on the construction and maintenance of both urban and rural roads across the state in the year 2024 and in the years ahead.
 
My administration will continue to pursue its policy of massive road construction across the state as well as the Urban Renewal Programmes in Owerri, Orlu and Okigwe zones. Thus, in 2024, we shall deepen our road and infrastructural development programmes. Consequently, the reconstruction and rehabilitation of strategic roads in the Owerri, Orlu and Okigwe zones shall remain our priority. We shall also continue to collaborate with the Federal Government to complete the dualization of major arterial roads linking Owerri Capital Territory with other major towns in the region, namely the Owerri – Orlu road, Owerri – Okigwe road, Owerri – Aba road and Owerri – Umuahia road, among others.
 
OWERRI STATE CAPITAL
As the capital city of Imo State, Owerri be given special attention. To this end, the original master plan (which was designed over 30 years ago) will be restored and reviewed to accommodate current realities. In this respect, working with the Imo State House of Assembly, arrangements is almost concluded to expand the capital city radius from 15 kilometres to 18 kilometres as the state capital area. This is to ensure that the State capital has sufficient land space to accommodate new innovations that will position it as one of the best modern sub-national capital in the country, if not in the world.
 
Furthermore, we shall partner with the Federal Road Maintenance Agency (FERMA) to ensure the rehabilitation and maintenance of all federal roads in the state. We will also pursue and ensure the full development of Sam Mbakwe International\Cargo Airport to realize its full potential as a cargo hub for the South East/South South Regions. In a few weeks from now, night operations will resume officially in Owerri airport courtesy of the Imo State Government. We will also commence the development of satellite towns in the three senatorial zones of Imo State.
 
WATER AND POWER SECTOR
In line with the 3R Agenda of my administration, a lot of improvements and achievements have been recorded in the provision of portable water for Imo people. This saw the rehabilitation of water schemes across the state. The Owerri Regional Water Scheme at Otamiri has been successfully rehabilitated and is now functional.
 
In addition, the small town, rural and urban water corporations will be reorganized and strengthened to provide portable water for at least 70% of households in Imo State.
Other achievements in the Water and Power Sectors include: Upgrading of the Physiochemical and Bacteriological Laboratory, including equipment of the Otamiri Headwork and the provision of over 100 water schemes in various communities in Imo State. There are also plans to embark on the electrification of some rural areas of the state, in addition to promoting private sector investments in the generation of renewable energy in the state.   
 
With the recent amendment of the 1999 constitution, as amended, which unbundled electricity from the exclusive legislative list, I will be sending an executive bill to the state House of Assembly, which when passed into law will address and provide energy governance framework solution to the hydra-headed problem of power in the state.
 
 
DIGITAL ECONOMY
Our desire to make Imo State the sub-national digital economy hub of Nigeria remains on course. As you know, Imo State under my watch was the first state in the country to establish a ministry for digital economy and e-government. Thereafter, we have trained 30,000 youths in different digital skills. We also equipped them with start-up tools and seed capital. Many of them have now secured gainful employment within and outside Nigeria, while others have settled into thriving self-employment. Another batch of 40,000 is currently undergoing training. The target is to ensure that by the end of 2024, we would have trained a total of 300,000 youths in different digital skills. Within the year, we intend to commence preliminary arrangements to establish a Digital Literacy Village (DLV) in the state that will serve as a digital skills training hub for the nation and neighbouring African countries.
 
HOUSING AND URBAN DEVELOPMENT
In our first tenure, we were able to recover and renovate public houses. We also provided new buildings. While new court houses were built, a new Executive Council chambers and banquet Hall were also built.  The state House of Assembly complex was completely rebuilt. On the other hand, Dan Anyiam Stadium, Ahiajoku centre and the state secretariat were renovated and recovered.
 
In the next four years of our second tenure, we shall intensify efforts to provide low, medium and high income housing estates in the three geopolitical zones in the state. Already, preliminary work has commenced in this direction.
 
HUMANITARIAN AFFAIRS, DISASTER MANAGEMENT, AND POVERTY ALLEVIATION.
Government created the Ministry of Humanitarian Affairs, Disaster Management and Social Development to develop humanitarian policies and provide effective co-ordination of state, national and international interventions; ensure strategic formulation and implementation of fair-focused social inclusion of protective programmes through effective beneficiary management system; as well as manage payments, address grievances and improve the dissemination of information of Federal Government’s social investment programme. Our vision is to have a social protection system that is proactive, humane, inclusive and sustainable for the improvement and general welfare of the people by providing a people-oriented agenda that seeks to reduce poverty in Imo State and to ensure that vulnerable persons build resilience through access to social protection services and programmes. Government will continue to carry out activities that will positively impact the vulnerable persons and poor households in the state, including internally displaced Persons (IDPs), and residents of areas affected by natural disasters. In addition, we will design viable empowerment and skills acquisition programmes for women, men, and the youths. To this end, the following activities and programmes will be undertaken in 2024:
 
• Construction of warehouses for storing relief materials in the 3 Senatorial Zones
• Monitoring/Coordination of all National Social Investment Programme (N-SIP)
• Interventions/other special programmes of the Federal Government to ensure that Imo State benefits fully.
• Identification of more poor households /vulnerable persons for State/Federal Government Empowerment /Intervention Programme.
• Implementation of the homegrown school feeding programme, which helps to increase the standard of education and school enrolment.
• Government Enterprises and Empowerment Programme (GEEP) – another Federal Government Programme targeted to benefit market women, traders and farmers. The programme is intended to alleviate poverty through Trader Moni, Market Moni and Farmer Moni.
• N-POWER PROGRAMME – designed to assist young Nigerians between the ages of 18-35 to acquire and develop life–long skills for becoming change agents in their various communities.
• Conditional Cash Transfer (CCT) programme, which supports the eradication of poverty within the state through the provision of funds to various categories of the poor and vulnerable groups in the society.
 
LAND ADMINISTRATION/BOUNDARY ISSUES
The State Government has a policy to ensure the efficient management, judicious administration of land and provision of affordable houses. The government has paid traditional rites and acquired some lands for the purpose of providing affordable homes for citizens. The design and re-designing and preparation of the layouts, clearing and carting away, perimeter survey and opening of roads will soon be undertaken in the following layouts:
 
1. 3R Residential layout, Onitsha Road, Owerri
2. Shared Prosperity Layout Port Harcourt Road
3. Riverside Orji/Amatta
4. Okuku New Community
5. Housing Area “TN”/”TM”
6. Winners New City Okuku
7. Royal Peace New City Obazu, Mbieri
8. Ekwema GRA, Owerri.
 
However, it is highly regrettable that some unscrupulous elements decided to abuse and violate our land administration process. Following this, unbridled encroachment, land grabbing, fraud, and forgery of documents, outright stealing became the new normal in land administration. Happily, this sordid aberration is already being addressed. Let me, therefore, assure the good people of Imo State that all the lands illegally acquired or stolen by this inglorious cabal in our land administration system will be recovered. Also, all those involved in these sordid deals, no matter the person or position, shall be made to face the full wrath of the law.
 
Be that as it may, I am pleased to announce that the inter-state boundary disputes between our state and neighbouring states are at the verge of being resolved. Similarly, some critical intra-boundary issues that have lingered over the years are at the verge of settlement.
 
HEALTH SECTOR
My government has pursued with great vigor various policies and programmes in order to realize improved healthcare delivery for the citizens of the state. To this end, three new world-class hospitals were built and equipped with modern equipment in Oru East, Ohaji/Egbema and Oguta LGAs. Under the State Free Medical Mission, over 7,000 patients were treated free of charge and more than 1,000 surgeries were performed at three different locations of the free medical mission, namely Imo Specialist Hospital, Owerri, Imo State University Teaching Hospital, Orlu and the new Omuma General Hospital, Oru East. In the ANPA Free Medical Missions of January and October 2023, over 10,000 patients were treated with free surgeries which included Open Heart Surgery, Spinal Surgeries and other Neuro-surgeries, such as myomectomies, Herniorrhaphies, herniotomy and eye surgeries at different centersincluding Specialist Hospital Owerri, Imo State University Teaching Hospital, Regions Centre Owerri and Federal Medical Centre, Owerri. The Social Health Insurance in the state is expected to pivot and enhance healthcare financing in a great way. The state has a functional health partners’ forum, which ensures information sharing for effective and efficient utilization of resources and synergies among stakeholders. In Primary Health Care, Imo is now enjoying the Basic Health Care Provision Fund (BHCPF) under this administration. A total of 305 Primary Health Care Centres have been renovated. One centre is situated in each political ward of the state. The state government also released the necessary counterpart funds, making it possible for Imo to join other States in the implementation of Maternal Newborn Child Health Week. The 1st Phase was in May and the 2nd phase was in October 2023. Imo has now commenced the Community Health influencers and Promoters Services (CHIPS) Programme that involves bringing health to the doorsteps of the people.
 
TRANSPORT SECTOR
The Government has commenced full transformation of the Imo State Transport Company (ITC) by first relocating it to a very serene environment at Arugo Layout as its permanent site. The next step is to completely overhaul the company and reposition it as an efficient and reliable Mass transit company through a private public engagement with very proficient, capable, and functional partners.
 
 
GRANTS FOR TRANSPARENCY
I am glad to report that our administration has continued to show active participation in the State Fiscal Transparency, Accountability and Sustainability (SFTAS)/World Bank Project, Expectedly, we not only received an award as one of the top performing State in the country, we have also continued to attract funds in the form of grants to the State. In my first tenure as the Governor of Imo State, the sum of $35 million US Dollars was generated as grants, thereby expanding the revenue base of the state. More important is that this grant from the World Bank is a recognition of our transparency regime in the management of public funds. To God be the glory.
 
May I also use this opportunity to acknowledge and commend the collective contributions of all the ministries, departments, and agencies (MDAs) whose performance earned us this recognition and grant.
 
EDUCATION SECTOR
Education, being the pivot of development in every given society, is the bedrock of the human and material development of the state. This explains why we have continued to invest in the education sector. This is why we have established two new tertiary institutions, namely the University of Agriculture and Environmental Sciences and the K.O Mbadiwe University, recovered as a public institution under our 3R Recovery agenda. We also successfully established and upgraded the Imo State Polytechnic Omuma.  It is also on record that we successfully engineered the upgrade of Alvan Ikoku College of Education to a federal University of Education.  This is an upgrade that Imo people have waited too long for. But it pleased God that it happened under my watch.
 
In addition, the government has provided a conducive learning environment for our Primary, Secondary, and Tertiary Institutions. To enhance the quality of education, the government is currently recruiting primary and Secondary School Teachers. In 2024, the government will renovate all dilapidated secondary schools in the state and conclude the recruitment and training of teachers for more effective performance.
 
LAW AND JUSTICE REFORM
The judiciary is an important organ of the government on which the common man relies on for justice. Conscious of this, the government, through its law reform commission, carried out an effective and efficient review and reform of the laws of the state. The Laws of Eastern Nigeria 1963 Volumes 1,2,3,4,5,6, and 7 were revised. Obsolete and spent laws have been identified and archaic language and aspects of the law that require amendments have been identified, reviewed, and compiled for further legislative actions by the Imo State House of Assembly. Also, to reinforce the judiciary, the government has commenced the process of appointing more High
Court judges and customary court of appeal judges. This process is ongoing.
 
GENERAL ADMINISTRATION
This Administration has demonstrated that the welfare of Imo State Public Servants is a top priority by prompt payments of workers’ salaries and pensions. This government approved and released the promotion of civil/public servants who have suffered stagnation for over ten years in the hands of previous administrations. In order to create an enabling environment for high and efficient service delivery, the administration renovated the ten blocks of the State Secretariat Complex, rehabilitated the sanitary systems, changed pipes and fillings so that water can run in the entire blocks. The State Secretariat Walkway was completed and commissioned to protect Workers/Imo people from harsh weather conditions and other harmful objects. The Government, having the welfare of Imo workers at heart, also announced the immediate increment of minimum wage to N40,000. I wish to emphasize that there is no worker in the Imo State civil service receiving less than N40,000 as of today. Our hope is to further increase the minimum wage with its consequential adjustments as soon as our economy improves.
 
PROFILE OF THE 2024 BUDGET
Mr. Speaker, Honourable Members, having listed some of the achievements recorded by my administration over the last one year, permit me to now highlight the major policy thrusts of the 2024 budget. As I said earlier, the 2024 Budget code-named “Budget of Renewed Economic Growth” is quite unique as it will usher in the 1st 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.
 
MAJOR POLICY THRUST OF THE 2024 BUDGET
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:
 
(i) Participatory Governance through Open Budget Process;
(ii) Human Capital Development Agenda (Education, Health Care Services, improved Technology and Infrastructure);
(iii) Growing the Private Sector and encouraging Public Private Partnership (PPP);
(iv) Efficient Service Delivery;
(v) Grassroots Development and exploitation of our Natural Resources;
(vi) Improved Security for Citizens and Residents of Imo State;
(vii) Job creation and Massive Economic growth through Foreign Direct Investment; and
(viii) Increase in Internally Generated Revenue (IGR).
 
 
2024BUDGET FRAMEWORK/MACRO-ECONOMIC PROJECTIONS
 
The year 2024 Budget framework is bench-marked on the following Macro-Economic projections:
• FGN’s Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
• FGN’s adoption of an Oil Price benchmark of $94.90 (USD) per barrel, daily oil production estimate of 1,100,000 million barrels per day, and Exchange Rate of N838 per US Dollar for 2023.
• Renewed elevated inflation in most Countries, prompting monetary tightening in these economies, with the inherent negative impact on Capital inflow to emerging market economies in Nigeria
• Challenging Macro-Economic and business environment.
• The negative impact of insecurity on the domestic economy.
 
INDICATORS FOR YEAR 2024
(i) Oil Price (USD Per Barrel) 77.93 (USD)
(ii) Oil Production 1.1 Million Per Day
(iii) Exchange Rate: N816.96/USD
(iv) Inflation Rate : 27.3%
(v) GDP Growth (real): 2.51%
(vi) State GDP Growth Rate: 15.6% (Source: Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS) 2023)
 
 
THE 2024 BUDGET REVENUE:
The 2024 Budget has a total Budgeted Revenue of N241,002,701,430.
 
THE OVERHEAD COST
The Overhead cost in the 2024 Budget is N43,057,826,401 while the sum of N48,337,363,452 was provided as overhead cost in 2023, representing 7.27% of the total Budget Estimate. The sum of N15,743,247,101 is provided in the budget as Consolidated Revenue Fund Charges (CRFC).
 
SUMMARY OF THE 2024 BUDGET
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:
A. RECURRENT REVENUE: The total Recurrent Revenue for the 2024 budget is N241,002,701,430 while that of 2023 was N150,450,189,428. This represents a 60.2% increase in revenue projection.
 
B.   RECURRENT EXPENDITURE: 
Total Recurrent Expenditure N100,994,842,135.38 as against the sum of N100,904,085,427.73 in 2023 approved budget. This shows 0.1% increase
 
C.    CAPITAL EXPENDITURE: 
Capital Expenditure in the 2024 Budget is N491,239,752,040.82 compared to the sum of N373,562,190,839 in the 2023 approved budget, showing 31.5% increase.
 
D. SECTORAL CAPITAL EXPENDITURE:
 
ECONOMIC SECTOR: 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.
 
SOCIAL SERVICES SECTOR: 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.
 
 
GENERAL ADMINISTRATION SERVICES SECTOR:
 
The 2023 Approved Capital Expenditure for General Administration Services Sector was N51,546,098,767. The provision for 2024 under General Admin Service Sector is N65,305,810,000 representing 26.7% increase.
 
GOVERNMENT TRANSFERS: The amount approved for Government Transfers in 2023 Approved Capital Budget was N5,259,526,824. The provision for 2024 Government transfers is h 0% change.
 
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).
 
(A)    2024 RECURRENT REVENUE IN COMPARISON WITH 2023 APPROVED BUDGET.
 
Revenue Head Recurrent Revenue items 2024 Proposed Budget 2023 Approved Budget %increase/decrease 
408 Internally Generated Revenue 104,987,382,838 79,844,525,976 31.5% increase
409 State share of the Federation Account 41,834,054,714 35,014,489,618 19.5% increase
410 Value added Tax (VAT) 40,184,524,127 15,774,358,033 154.7% increase
411Excess Crude Fund-2,966,000,000-
412 13% Derivation Fund 11,969,420,146 11,683,583,907 2.5% increase
413 Exchange Gain different 10,348,773,664 769,946,557 7.4% increase
Forex Equalization Account2,121,608,2721,740,831,04821.8% increase
Excess Bank charges2,846,000,71694,081,7193.3% increase
Other External Revenue 26,710,936,9532,562,372,5699.6% increase
Total Recurrent Revenue241,002,701,430150,450,189,42860.2% increase 
 
 
2024 RECURRENT EXPENDITURE IN COMPARISON WITH 2023 APPROVED BUDGET
 
Head Recurrent Expenditure Item 2024  Proposed Budget 2023 Approved Budget %increase/decrease
Overhead 43,057,826,401.3847,670,177,2709.68% decrease
Personnel Costs10,055,384,3499,054,906,11011% increase
Subventions32,138,384,28428,435,754,94713% increase
Consolidated Revenue Fund Charges 15,743,247,10115,743,247,1010% increase
Total Recurrent Expenditure100,994,842,135.38
100,907,085,4270.1% increase 
 
 
The Estimated transfer to Capital Fund is N140,007,859,295 or 24% of the total budget.
 
SUMMARY OF 2024 PROPOSED BUDGET SIZE
REVENUE
• Internally Generated Revenue N104,987,382,838
• Statutory Allocation N41,834,054,714
• Value Added Tax N40,184,524,127
• Excess Crude –
• 13% Derivation Fund N11,969,420,146
• Exchange Gain Difference N10,348,773,664
• Forex Equalization Account N2,121,608,272
• Excess Bank Charges N2,846,000,716
• Other External Revenue N26,710,936,953
=============
Total Recurrent Revenue N241,002,701,430
============
  
 
 
CAPITAL RECEIPTS
• Internally Loans N54,979,379,536
• Development Partners N95,771,000,000
• Grants N198,260,393,530
• Direct Funding (FG) –
=============
Total Capital Receipts N349,010,773,066
=============
 
EXPENDITURE 
• Recurrent Expenditure N100,994,842,135.38
• Capital Expenditure N491,239,752,040.82
=============
Total Expenditure N592,234,594,176.
============
                                 
 
CONCLUSION
 
Mr. Speaker, Honourable Members of Imo State House of Assembly, permit me to once again use this opportunity to thank you for your co-operation and support since you came on board in June 2023. This Government under my 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.
 
Mr. Speaker, Honourable Members, I thank you so much for your time. Let me use this auspicious occasion to once more extend my profound appreciation to all Honourable members for your warm disposition towards the executive arm of government. You have always demonstrated both wisdom and an uncommon patriotic zeal in relating with the Executive Arm of Government, particularly in the expeditious manner you have always handled executive bills. This budget estimate I will soon lay before you is the first among all executive bills. I am confident that you will do the needful by accelerating its passage into law so that it can become operational by January 1st, 2024.
 
Mr. Speaker, Honourable Members, 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 sheath 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.
 
Mr. Speaker, Honourable Members, it is now my pleasure and privilege to humbly lay before you the 2024 Budget estimates of N592,234,594,176 for your kind consideration and expeditious passage into Law.
 
Thank you very much, and God bless all of us.
 
Long Live Imo State
Long Live the Federal Republic of Nigeria
 
 
Sen. Hope Uzodimma
Governor