Imo Set For Economic Expansion As Uzodimma Presents N755.6bn Budget

The economic opportunities awaiting Imo State in 2025 appear limitless as Governor Hope Uzodimma, on Monday, presented a budget estimate of seven hundred and fifty-five billion, five hundred and eighty-eight million, forty-one thousand, two hundred and twenty Naira only (N755, 588, 041, 220) to the State’s House of Assembly.

Tagged the ‘Budget of Expanded Economic Opportunities,’ the Governor was emphatic that the budget will present limitless economic opportunities as his government continues its deliberate policies on the realisation of the electricity project,

Orashi Energy Free Trade zone, boasting of tourism, enhanced agricultural investments and massive revitalisation of moribund industries, and of course, a continuation of road revolution.

Making the presentation at the Imo State House of Assembly Complex, New Owerri, the Governor said the budget’s title is “quite befitting and sits well with the credo of the 3R Government which is Shared Prosperity encapsulated in Reconstruction, Rehabilitation and Recovery,” noting that his government has kept faith in the Mission Statement.

Of the total N755, 588, 041, 220 2025 budget estimate, a whopping Six Hundred and forty-three billion, three hundred and eighty-six million,  forty- one thousand, two hundred and twenty (N643, 386, 041, 220) representing 85.1% was allocated as capital expenditure while one hundred and twelve billion, three hundred and two million, (N112, 302, 000, 000), representing 14.9% was mapped out as recurrent expenditure.

The Governor recalled how the State Government, by demonstrating a strong commitment to the initiative of NG-CARES by injecting over $2 million into the programme, and through strategic implementation, earned approximately $10 million from the first phase of the programme.

He said the government hopes to reinvest into a more robust Phase 2 (NG-CARES 2.0) Programme by 2025 for expanded economic benefits.

Reviewing the 2024 budget summary of N592.2billion, the Governor said that through prudent management despite tough economic and financial year, his government was able to do its best to faithfully implement the 2024 budget.

“So many laudable projects were achieved which include ongoing flyover at Assumpta roundabout, Emmanuel Iwuanyanwu International Conference Centre (EIICC), dualization of Owerri/Umuahia projects etc.”

The Governor noted that the 2024 was a successful year,  given that it witnessed the rejigging of 3R administration in terms of introduction of technocrats among the crop of appointees manning the ministries, departments and agencies (MDAs).

The Governor specifically highlighted achievements in the Ministry of Digital Economy, upgrade and renovation of the State Public Health in both the State and Federal Institutions, and provision of CAT2 Airfield Lighting system for the Sam Mbakwe International Cargo Airport to enable night flights into and out of the Airport.

Other areas of achievements highlighted by the Governor in the 2024 budget are in the health sector, Imo State Public Service, Tourism, Hospitality and Culture, Power sector, education, Petroleum, Oil and Gas.  Others include Water Resources, Trade, Commerce and Investment, Digital Economy, Justice, Lands, Survey and Physical Planning, Housing and Urban Renewal, Industry Mines and Solid Mineral, justice, agriculture and livestock, works and infrastructure, loan repayment, information and strategy, environment and sanitation and security and vigilante affairs.

He informed that in the 2025 budget, all the jobs started in the sectors above will be completed and expanded to enable Imo people reap the full dividends of democracy.

Particular attention will be paid in 2025 in actualizing the proposed Hope Uzodimma Exclusive Estate at Avu, the former zoo land as well as other Estates and layouts that will be receiving urgent attention.

Furthermore, the Governor promised to invest more in the protection and cleanliness of our environment at Onitsha road Industrial Layouts, New Naze Industrial Layout as well as Orlu and Okigwe Industrial Clusters, all of which he said, shall receive a facelift to attract investors.

Governor Uzodimma said huge investments, based on the 2025 budget estimate will be made in the area of works and infrastructure, agriculture, livestock development, transportation, power and electricity, Tourism and hospitality, health, environment and sanitation, education, housing, youths and Sports, among others.

He harped on the need to ensure food security in Imo State and consequently, agriculture and food security, and Livestock development will get N30 billion and N20 billion respectively, alongside “other minimum incentives to the Local Government Councils so that they can make the pursuit of food security a priority.”

The emphasis on Works and Infrastructure is based on the need to complete the ongoing World Class Control Post Flyover in 2025, the continuation of the dredging of Orashi to the Atlantic as well as Inter-connectivity roads going on across the three senatorial zones of the State, all geared towards smooth transportation of goods and people, and enhancement of security among others.

A major key achievement of the 3R Government as highlighted by the Governor is the loan repayment to the tone of Seventy Two Billion, Six Hundred Million, Seven Hundred and Sixty-Six Thousand, One Hundred and Ten naira, Eighty Nine Kobo (N72,600,766,110.89), being debt his government inherited in 2020 on assumption of office from the previous administrations.

To enhance better information dissemination in Imo State, the Governor promised strengthen the Information paraphernalia to deliver the right message to Imo Citizens at all times.  “The Government owned agencies like IBC-TV, IBC-Radio and Imo Newspapers Limited publishers of the Nigerian Statesman, will be duly subverted to continue to deliver their quality services,” promising that the IBC will be completely digitalised “to meet with the demands  of the 21st Century Broadcasting.”

The Governor had emphasised the essence of Environment and Sanitation, noting that the Government intended to restore the glory of the State Capital as the Cleanest city in the Federation, informing of the already procured PPP agreement “between the Government and the Eastern Waste Management Company to handle Waste Management, produce organic fertilizer, generate power under the State Waste to Wealth Programme.”

“This is aimed at creating jobs, increase IGR and save millions of naira that Government is spending on Waste Management.”

Governor Uzodimma thanked the Speaker and the Honourable Members for their unflinching support to his administration since their inauguration.

He said the relationship between the different aims of government is like the relationship between the “tongue and the mouth,” saying “none can do without the other and the two must conduct themselves carefully to coexist in harmony.”

He then charged the lawmakers to enact bills and motions that will make the lives of Imo people better.  He acknowledge that so far, they have done well and urged them to keep it up.

He used the opportunity to reassure Imo people of his commitment to an accountable and transparent government and never to renege on his covenant to God to serve honestly and faithfully.

The Governor used the occasion to call on the sponsors of insecurity in Imo State to repent and turn a new leaf, saying they may not have any hiding place in future.

In his welcome address, the Speaker Imo State House of Assembly, Rt. Hon. Chike Olemgbe commended the Governor for remaining true to the tenets of separation of power as enshrined in the 1999 constitution of the Federal Republic of Nigeria (as amended) by coming to present the 2025 budget.

He said the budget presentation before the Legislature is to ensure that the income and the expenditure of government are considered while giving a financial guide in the business of the year.

He eulogised the Governor and his administration for having achieved a lot in the first tenure and hoped that his second tenure will be better than the first tenure.

The Speaker highlighted various achievements which include the Imo State House of Assembly Complex, road rehabilitation and reconstruction, rehabilitation of health centres, upgrade of IMSUTH, Alvan Ikoku Federal University of Education, Federal University Teaching Hospital Owerri and many others.

He made mention of the funds attractions from SFTAS, reconstruction of IICC, the new Control Post Flyover, road infrastructure and approval of N70,000 minimum wage for Imo workers, describing the achievements as enumerable.

He assured the Governor that the 10th House of Assembly which he leads will support Government’s Policies and Programmes targeted at alleviating poverty, economic restructuring and diversification as well as general social sector, reforms and development, and promised that they will “expeditiously pass the 2025 budget estimate led before the House.”

Members of the House who reacted to the budget presentation include Deputy Speaker, the Majority Leader, representatives of Onuimo, Oru East, Ngor Okpala, Owerri Municipal and Nkwerre State Constituencies.

They all attested to the dexterity and good consciences and focused administration of the Governor that has made Imo better, and promised to contribute their quota towards speedy passage of the budget to enable the Governor continue with his good works for Imo people.