HomePoliticsGovernor Mbah Presents Enugu's N521.5bn Budget For 2024

Governor Mbah Presents Enugu’s N521.5bn Budget For 2024

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The Governor of Enugu State, Dr. Peter Mbah, has presented a budget of N521.5 billion (N521,561,386,000) for the 2024 fiscal year to the Enugu State House of Assembly.

The budget proposal, which he entitled “Budget of Disruptive Economic Growth” is the highest in the state’s history, comprising N414.3 billion capital expenditure and N107.2 billion recurrent expenditure.

Presenting the budget on Tuesday, Governor Mbah said: ‘The 2024-2026 Multi-Year Budget is named Budget of Disruptive Economic Growth. This is on account of the fact that it is structured to drive growth in a markedly different pattern than we have attempted to do hitherto.’

‘We are proposing a total budget of size of ₦521,561,386,000.00 for the 2024 fiscal year as against the approved revised provision of ₦224,697,899,063.00 for 2023. This represents a 132% increase from the 2023 revised budget.’

‘In the area of our revenues, we estimated that total recurrent revenues during 2024 will amount to ₦383,789,000,000.00 as against the approved revised provision for 2023 of ₦143,571,592,917.’

The governor detailed the government’s revenue expectations, highlighting an opening balance of N11 billion, with projections of N252.7 billion from internally generated revenue (IGR), N60 billion from statutory revenue, N16 billion from excess crude oil revenues and other sources, along with N44 billion from Value Added Tax (VAT).

On the Recurrent Expenditure and Capital Expenditure, Mbah explained: ‘For 2024 Fiscal Year, Recurrent Expenditure which is proposed at ₦107,227,266,000.00 is made up of N47,583,677,000 Personnel Costs, N41,804,698.000 Overhead Costs, and N17,838.891,000 Consolidated Revenue Charges.’

‘With the total recurrent Expenditure at ₦107,227,266,000.00, this translates to a Net Recurrent Revenue of ₦276,561,734,000.00, which is thus transferred to the Capital Development Fund.’

‘The total Capital Expenditure for the year 2024 is projected at ₦414,334,120,000.00 as against ₦135,715,099,693.00 for 2023 Revised Budget. The current capital expenditure estimate will be funded from the sum of ₦276,561,734,000.00 to be transferred from the Consolidated Revenue Fund, and the capital receipts of ₦137,772,386,000.00 to be realised as follows: External and Internal Aids and Grants, N27.922,386,000; Public Private Partnership, N6,100,000,000; Domestic Loans/Borrowings, N71,000,000,000; and International Loans/Borrowing Receipts, N32,750.000.000′.

Sector-wise allocation in the Capital Expenditure Distribution reveals the economic sector leading with N207.8 billion, followed by the social sector at N182.9 billion.

Education takes the lead in the social sector, receiving 73.6% of the allocation and claiming 33% of the total budget, marking the highest percentages in both categories.

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‘As I mentioned earlier, Education is a key plank in our strategy to eradicate poverty in our State. Consequently, ₦134,587,982,647.78 representing 73.6% of the social sector has been earmarked to help reinvent education in our state by developing the new smart schools, which I mentioned earlier, as well as repositioning our senior secondary and tertiary institutions by training and retraining teachers and updating our curricula across all levels of education to infuse technology and technology appreciation and skills.’

‘This capital expenditure on education combined with the planned recurrent expenditure in the sector will bring our total spending on education to 33% of the total budget’, the governor stated.

Other top allocations include infrastructural development and maintenance, particularly roads and public buildings, with N82.5 billion to, according to the governor, “smoothen connectivity, bolster trade, and enhance overall accessibility and attract investments that create jobs”; agriculture, which got N25.1 billion in pursuit for the self-sufficiency and economic diversification agenda; water, which got N28.9 billion to ensure safe and quality water supply in the state and boost reticulation across the Enugu metropolis; and health, which got N21.7 billion, as the administration ramps up construction of 260 Type-2 Primary Healthcare Centres across the 260 electoral wards. Other priority areas include job creation, and security.

Mbah, while appreciating Members of the House of Assembly for their support across party lines, urged all stakeholders to join hands :in this journey towards a better future for all residents’.

In response, the Speaker, Rt. Hon. Uchenna Ugwu, praised the governor for notable achievements in six months, such as restoring water to Enugu city, and committed to diligently and swiftly reviewing the 2024 budget estimates.

The Eastern Updates

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