BREAKDOWN OF HOPE UZODINMA ‘S 2023 PROPOSED BUDGET AND REVENUE SIZE.

The executive governor of Imo State His excellency Distinguished Senator Hope Uzodinma on Tuesday 20th December 2022 presented his 2023 proposed budget to the Imo State House Of Assembly for assessment and approval.

The budget of N474Billion which Uzodinma tagged “BUDGET Of Wealth Expansion.

Presenting the budget to the speaker of the house Uzodinma said that the budget will help him bring more development to the state if approved.

“Mr.Speaker, Honourable Members, after a careful assessment of the present economic situation in the Country and the prevailing Macro-Economic indices.He said.

“It is my pleasure to present to you a total proposed 2023 Budget of N474. 466,276,267.00 (Four Hundred and Seventy Four Billion,Four Hundred and Sixty Six Million,Two Hundred and Seventy Six Thousand,Two Hundred and Sixty Seven Naira).

The budget is appropriately christened-“Budget of Wealth Expansion”.

Bugdet Breakdown

● RECURRENT REVENUE:

The total Recurrent Revenue for 2023 budget is N150,450,189,428 while that of 2022 was N142,855,407,202.This represents 5.1% increase in revenue projection.

RECURRENT EXPENDITURE
Recurrent Expenditure is N100,904,085,427.73 as against the sum of N96. 746,349,775 in 2022 approved budget.This shows 4.1%increase.

● CAPITAL EXPENDITURE
Capital Expenditure in the 2023 Budget is N373,562,190,839 compared to the sumofN284,416,597,902 in the 2022 approved budget,showing 23%increase.

SECTORAL CAPITAL EXPENDITURE

ECONOMIC SECTOR:

The 2022 Approved Capital Expenditure for Economic sector was N142,034,052,933 while the amount for 2023 is N185,717,754,040 representing 23.5%increase.

SOCIAL SERVICES SECTOR

The 2022 approved Capital Expenditure for social service sector was N55,757,500,000 but was slightly decreased to N35,566,149,294 in 2023 representing 36.2%decrease.

▪ GENERAL ADMINISTRATION SERVICES SECTOR:

The 2022 Approved Capital Expenditure for General Administration Services Sector was N78,125,931,053. The provision for 2023 under General Admin Service Sector is N143,960,028,769 representing 45.7%increase.

▪ GOVERNMENT TRANSFERS:

The amount approved for Govemment Transfers in 2022 Approved Capital Budget was N8,499,113,916. The provision for 2023 Govemment transfers is N5,259,526,824 representing 38%decrease.

Law and Justice Sector-The sum of N3,058,731,912 was provided underthis sectorin 2023.

(v)Insummary,the 2023 Capital Expenditure is N373,562,190,839 representing 78.7%of the total Budget size.

The 2023 Budget came to a lotal of N474,466,276,266.90(Four Hundred and Seventy-four Billion,Four Hundred and Sisty-six Million,Two Hundred and Seventy-six Thousand,Two Hundred and Sisty-six Naira,Ninety kobo).

▪ 2023 RECURRENT REVENUE IN COMPARISON WITH 2022 APPROVED BUDGET.

Revenue Head Recurrent Revenue items 2023 Proposed Budget 2022 Approved Budget % increase/decrease

Internally Generated Revenue

79,844.525.976 63,158,291.155
20.9% increase

State share of the Federation Account 35.014,489.618 37,928,242.046 – 7.4%decrease

410 Value added Tax(VAT)15.774,358.033 21.195.059.10925. 6%decrease

▪ Excess Crude Fund 2,966,000,000 8.900,000.00066. 7% decrease

▪ 13%Derivation Fund 11,683,583,907 10,379,446,91211. 2% increase

▪ Exchange Gain different 769,946,557 232,682.59569. 8%increase

Forex Equalization Account

1,740,831,048 115.799,16493, 3% increase

Excess Bank charges 94.081.720 8.986.89090. 4% increase

Other External Revenue 2,562,372,569 936,899.331 63. 4% increase

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