Uzodimma Signs 2023 Budget of N474b Into Law

By Charles Ogugbuaja, Owerri

Imo State Governor, Hope Uzodimma, yesterday signed the 2023 budget of N474b into law.

In a statement by the Commissioner for Information and Strategy, Declan Emelumba, said that on December 20, 2022, the governor presented to the 27-member Imo State House of Assembly, a budget estimates of N474.2b for the 2023 fiscal year, christening it Budget of Wealth Creation Expansion.

He added that within three days of the presentation, the Imo lawmakers passed the bill and forwarded a clean copy to the governor for his assent.

Emelumba disclosed that some principal officers of the assembly and members of the State Executive Council witnessed the short signing ceremony. He stated that the budget had a capital expenditure of N373b and a recurrent expenditure of N100.9b.

According to him, the Internally Generated Revenue projection for the New Year is N79.8b against N63.1b recorded in 2022. He added that the state’s share from the federal allocation is N35.0b, as against N37.9b in 2022.

He also said that the expected revenue from Value Added Tax for 2023 is projected at N15.7b against N21.1b.

“In the budget, Excess Crude Fund is expected at N2.9b against N8.9b received in 2022, with a decrease of two per cent. 13 per cent derivation fund is projected at N11.6b, against N10.3b, representing a two per cent increase compared to 2022.”