Imo state governor, Hope Uzodimma, presented the 2025 budget to the Imo State House of Assembly on Monday, December 23, 2024.
The budget, tagged “Budget of Expanded Economic Opportunities,” totals N755,588,041,220.
This represents a significant increase of over N163.3 billion compared to the 2024 budget, which stood at N592.2 billion.
The governor explained that the increase is necessary to accommodate the growing needs of the state and to drive sustainable economic development.
The 2025 budget is divided into recurrent and capital expenditures. The recurrent expenditure stands at N112,302,000,000, while the capital expenditure is N643,286,041,220.
The budget is expected to be financed through a combination of internal and external sources, including the Federation Account Allocation Committee (FAAC) allocation of N293,154,121,949, internally generated revenue (IGR) of N42,577,065,257, and capital receipts of N419,856,584,014.
During his presentation, Governor Uzodimma highlighted his administration’s achievements over the past five years and reaffirmed his commitment to transforming Imo State under the Shared Prosperity mandate.
The governor emphasized the importance of infrastructure development, allocating N296,461,152,778, representing 46% of the capital budget, to the Ministry of Works and Infrastructure Development. This is a significant increase from the N180 billion allocated to the ministry in the 2024 budget.
Other key sectors also received significant allocations, including the Ministry of Transport, which got N101,010,000,000, representing 16% of the capital budget, and the Ministry of Power and Electrification, which received N74,755,479,042, representing 12% of the capital budget.
The Education Ministry was billed to receive N7.420 billion while the Ministry of Livestock development receives N20.000 billion.
The governor also prioritized education reforms, agriculture, industrial and market development, housing and urban renewal, water and gas supply, and digital economy.
“We must do as much as we can at a time and do it well enough for our people to endure,” Governor Uzodimma said. “I have set out our priorities, and my goal is to concentrate on their faithful implementation to achieve maximum results.”
The governor also appreciated the support of the Imo State House of Assembly and reassured the people of Imo State of his commitment to accountable and transparent governance.
According to the governor, the N72,600,766,110.80 loan burden he inherited upon assuming office in 2020 has been cleared, making the state an investor’s pride. “My administration has paid back the loans completely. Today, the perception of Imo State in the global financial market has changed for the better.”
Earlier The Speaker of the House, Mr Chike Olemgbe commended the governor for his achievements and assured him of the House’s support for his policies geared towards the state’s progress.
In a vote of thanks, the Deputy Speaker, Mr Amarachi Iwuanyanwu (Nwangele) commended the governor for the budget presentation and for the achievement of all the projections of the 2024 budget.
He also commended him for attracting investors to the state and improving the economy while remaining committed to the welfare of the people of the state.
The bill was adjourned to December 30, for the second reading.
