Imo State Assembly Greenlights Ambitious N592 Billion Budget for 2024

In a recent plenary session on Thursday, the Imo State House of Assembly approved the state’s N592 billion Appropriation Bill for the 2024 fiscal year. This development, reported by the News Agency of Nigeria (NAN), marks a significant step forward in the state’s financial planning.

Named the “Budget of Renewed Economic Growth,” the approved budget delineates N101.99 billion, constituting 17%, for recurrent expenditure, while N491.200 billion, representing 83%, is allocated for capital expenditure. The budget’s structure reflects a strategic allocation of resources to fuel developmental projects that aim to benefit the state’s populace.

During deliberations on the bill, Majority Leader Mr. Kanayo Onyemaechi (APC-Owerri West) underscored the importance of the budget in facilitating numerous developmental projects. He commended the governor’s judicious spending of the 2023 budget, particularly emphasizing the investments in the reconstruction and rehabilitation of roads.

In urging fellow lawmakers to expedite the bill’s passage, Onyemaechi emphasized its significance in driving economic growth and fostering positive change within the state. Support for the bill came from Mr. Chisom Ojukwu (APC), representing the Nkwerre constituency and Chair of the Standing Committee on Budget and Appropriation, who commended the governor for responsible resource management.

Mr. Chigozie Nwaneri (APC-Oru East), the House Committee Chairman on Works, highlighted the positive impact of the budgeted funds for the Ministry of Works. According to Nwaneri, these funds would play a pivotal role in completing capital projects across all Local Government Areas, contributing to the overall development of the state.

Addressing the assembly, Mr. Innocent Ikpamezie (APC), representing Mbaitoli State Constituency, emphasized the need for diligent oversight to ensure adherence to budget provisions. This call for responsible governance reflects the assembly’s commitment to transparency and accountability in the implementation of budgetary allocations.

Following a thorough consideration of the bill in the committee of the whole, the Speaker, Mr. Chike Olemgbe (APC-Ihitte Uboma), ruled in favor of its passage after the Third Reading. The assembly, in a collective decision, voted in favor of the bill, solidifying its approval.

In a noteworthy development, Mr. Ugochukwu Amuchie (PDP), the representative for Aboh Mbaise State Constituency, was sworn in during the same plenary session. The swearing-in follows the Appeal Court’s declaration of Amuchie as the rightful winner of the Assembly poll held on February 25. This transition of power sees Amuchie succeeding Mr. Eddy Obinna of the APC.

Providing context to this legislative milestone, Governor Hope Uzodinma had earlier presented the N592.2 billion appropriation bill to the state House of Assembly for consideration and approval. The approval of the budget underscores the collaborative efforts of the state’s legislative and executive branches in steering Imo State towards sustained economic growth and development. Infostride News remains committed to keeping our readers informed on crucial developments in the region.