Imo Set for Economic Expansion in 2025 as Uzodimma Presents N755.6 Billion Budget

Governor Hope Uzodimma of Imo State on Monday, presented a budget estimate of N755, 588, 041, 220 for 2025 fiscal year 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.  

He said: “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.

According to him, 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.