Imo assembly passes N592bn budget, commits 83% to capital expenditure

The Imo house of assembly has passed the state’s 2024 appropriation bill of N592 billion.

Hope Uzodinma, governor of the state, presented the bill to the assembly for consideration and approval.

The bill included N491.2 billion in capital expenditure, representing 83 percent. N100.99 billion is budgeted for recurrent expenditure, making up 17 percent.

Titled: ‘Budget of Renewed Economic Growth’, Kanayo Onyemaechi, the house majority leader, said the budget will ensure that a lot of developmental projects are carried out for the good of the state.

He commended the governor for “being judicious” with the budget of the previous year, especially in the area of reconstruction and rehabilitation of roads in the state.

Following the third reading and votes in favour of the bill, Chike Olemgbe, the speaker, ruled in favour of the bill’s passage.

Speaking on the intent of the bill, the governor promised that his administration will remain prudent, cutting off frivolous expenditures to enable greater focus on capital projects.

He said the capital expenditure increased by 32 percent compared to the previous budget, adding that it is an indication of his determination to stimulate and fast-track economic growth in the state.

“Prudent and efficient management of public funds is the new norm that cannot be compromised,” Uzodinma said.

“As always, all capital projects must be subject to due process, routine scrutiny and audit.”