Owerri: Gov. Hope Uzodimma of Imo has announced a significant reduction in the state’s debt profile, decreasing from N126 billion to N97 billion, marking a 23 percent reduction. Uzodimma made this declaration during a ‘State of the State Address’ presented at the House of Assembly on Tuesday.
According to News Agency of Nigeria, the governor attributed this achievement to his administration’s prudent financial management. He highlighted the reforms undertaken to boost the state’s revenue, attract investment, and enhance transparency. A modern digital revenue system was implemented to transform revenue collection and monitor finances across all ministries, departments, and agencies, significantly reducing leakages and manual bottlenecks. This system increased the state’s monthly internally generated revenue from an average of N1.8 billion to nearly N4 billion.
Uzodimma also discussed initiatives to improve the ease of doing business in Imo through the state action on business enabling reforms programme. This initiative elevated the state’s World Bank ease of doing business ranking from 33rd in 2021 to 13th in 2023. Furthermore, Imo embraced the national COVID-19 action recovery and economic stimulus programme, known as Imo-Cares, which is supported by the World Bank and Federal Government. This programme aims to mitigate the socio-economic impact of the pandemic, providing direct economic support to over 400 households and benefiting 98 communities through development interventions.
The governor emphasized the importance of strategic and compassionate governance, stating that while reforms are driven at the macro level, there is also a commitment to impacting lives at the micro level through initiatives like Imo-Cares. Additionally, Uzodimma outlined plans for improving housing in the state via a public-private partnership with the Nigeria Capital Development fund, with the first phase involving the development of 500 housing units under an affordable housing scheme.
In his address to lawmakers, Uzodimma noted that at least 40,000 youths had been trained and equipped with startup toolkits under the state’s flagship human capacity development programme. This initiative aims to train 300,000 youths in critical digital skills, aligning with the administration’s vision for inclusive, innovation-driven growth, which led to the establishment of the ministry of Digital Economy and E-government.
The governor also extended his gratitude to the Speaker, Mr. Chike Olemgbe, and other members of the house for their steadfast partnership, which he described as instrumental to the administration’s achievements. The Speaker, in return, praised the governor for fostering a harmonious relationship between the executive and legislature, creating a conducive environment for development and executing verifiable projects since his first tenure.