Uzodinma earmarks 85% for CAPEX as Imo proposes N755bn for 2025

Going by a whopping allocation of 85% out of the N755 billion proposed for 2025 fiscal year by the Imo State Government as Capital Expenditure, lots of capital projects will be undertaken next year, BusinessDay has learnt.

This is learnt following the presentation of Imo State Appropriation Bill by Governor Hope Uzodinma of Imo State done before the State House of Assembly on Monday tagged, “Budget of Expanded Economic Prosperity.”

Governor Uzodinma, who spoke at the presentation in Owerri, said that the 2025 budget framework was benchmarked on some macroeconomic projections including the Federal Government’s Economic Reforms and other Macroeconomic Indices.

He also included the Federal Government’s Medium Term Expenditure Framework and Fiscal Strategy Paper and a proposed economic growth rate of 3.4%, saying the budget would depend on the adoption of the oil benchmark of $75 and an exchange rate of N1500 per USD.

According to the Governor, the proposed Recurrent Expenditure for the 2025 fiscal year is N112.302 billion, representing 14.87% of the total budget with personnel cost taking N39.100 billion, overhead cost N44.900 billion and consolidated revenue fund charges of N10.100 billion.

He explained that the total projected Capital Expenditure for the year 2025 would be N643.286 billion, representing 85.13% with the administrative sector taking N16.969 billion, economic sector N562.408 billion, and N63.908 billion for the social sector.

The governor further noted that the Ministry of Agriculture and Food Security would be allocated for N12.011 billion, while the Health Ministry would get N22,933 billion, noting that the Ministry of Works and Infrastructural Development was allocated N296.461, while the Tourism Ministry got N30.210 billion.

The Ministry of Power and Electrification gets N74.755 billion, Ministry of Environment and Sanitation got N22.130billion while the Housing Ministry had N7.865 billion.

According to him, the Ministry of Education was allocated N7.420 billion while the Ministry of Livestock Development received N20.000 billion.

Governor Uzodinma submitted that the total anticipated revenue for the 2025 fiscal year was N755.588 billion, adding that N42,577,065,257 would come from internally generated revenue; NN294,154,121,949 from Federal Accounts Allocation Committee and N419,856,584,014 from Capital Receipts.