Governor Hope Uzodimma of Imo state, Tuesday, presented the state’s 2024 Budget of ₦592.2 billion christened “Budget of Renewed Economic Growth”.
While presenting the budget to members of the Imo State House of Assembly, the governor said that out of the ₦592.2billion, capital expenditure would gulp 82.9% of the total budget, which amounts to a capital expenditure of ₦491.2 billion.
He said, “Compared to the ₦373.6 billion budgeted for capital expenditure in 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.”
“The point became clearer when we consider the 2024 budget allocation for recurrent expenditure of ₦100.99billion out of which a total of ₦43.05billion 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 ₦48.34 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”, the governor stated.
