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GOV UZODIMMA PRESENTS 2024 BUDGET

The Imo state Governor, Senator Hope Uzodimma, has presented to the state House of Assembly a total proposed budget of #592,234,594,176 (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 2025 fiscal year. 

A breakdown of the 2024 proposed budget christened “Budget of Renewed Economic Growth” showed that the Recurrent Revenue for the 2024 budget has a total of two hundred and forty-one billion, two million, seven hundred and one thousand, four hundred and thirty naira as against one hundred and fifty billion, four hundred and fifty million, one hundred and eighty-nine thousand, four hundred and twenty-eight naira for 2023 budget representing sixty point two per cent increase.

The Recurrent Expenditure has a total of one hundred billion, nine hundred and ninety-four million, eight hundred and forty-two thousand,one hundred and thirty-five naira for 2024 as against the sum of one hundred billion, nine hundred and four million, eighty-five thousand, four hundred and twenty-seven naira from r 2023 which showed a zero point one per cent increase.

The Capital expenditure for 2024 is four hundred and ninety-one billion, two hundred and thirty-nine million, seven hundred and fifty-two thousand and forty naira as against the sum of three hundred and seventy-three billion, five hundred and sixty-two million, one hundred and ninety thousand, eight hundred and thirty-nine naira in the 2023 approved budget showing a thirty-one point five per cent increase.

The Governor emphasized that the 2024 budget framework was benchmarked on the federal government’s medium-term expenditure framework and fiscal strategy paper and the federal government’s adoption of an oil price benchmark of ninety-four point nine zero dollars per barrel, daily oil production estimate of one million one hundred thousand barrels per day and exchange rate of eight hundred and thirty-eight Naira per dollar for 2023.

The number one citizen of the state who gave a rundown of his administration’s achievements in all the sectors of the economy in 2023 also revealed plans to grow the state’s economy as the objective of the 2024 budget was aligned with the state development plan of 2024 to 2034, the medium term expenditure framework and other sectorial plans and priority initiatives.

The Governor was accompanied to the event by the Deputy Governor Prof Placid Njoku, the Deputy Governor elect Lady Chinyere Ekomaru, the National Chairman of the All Progressives Congress Party Alhaji Umar Ganduje and other top government officials.

(Story by ADAKU NNAOCHA)

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