Enugu State Governor, Dr. Peter Mbah, has submitted a budget proposal of N521.5 billion for the fiscal year 2024 to the Enugu State House of Assembly. Entitled “Budget of Disruptive Economic Growth,” it marks the highest budget in the state’s history, comprising N414.3 billion for capital expenditure and N107.2 billion for recurrent expenditure.
Governor Mbah, during the presentation, explained that the budget is designed to drive growth in a substantially different manner than before. The proposed budget represents a significant increase of 132% from the revised 2023 budget, amounting to ₦521,561,386,000.00.
The breakdown of expected revenues includes ₦252.7 billion from internally generated revenue (IGR), ₦60 billion from statutory revenue, ₦16 billion from excess crude oil revenues, ₦44 billion from Value Added Tax (VAT), and other sources. The governor highlighted an opening balance of N11 billion.
The recurrent expenditure for the fiscal year 2024 is set at ₦107.2 billion, covering personnel costs, overhead costs, and consolidated revenue charges. The net recurrent revenue, after deducting the total recurrent expenditure, amounts to ₦276.6 billion, which is then transferred to the Capital Development Fund.
The capital expenditure for 2024 is projected at ₦414.3 billion, funded by a transfer from the Consolidated Revenue Fund (₦276.6 billion) and capital receipts of ₦137.8 billion. The sources for capital receipts include external and internal aids and grants (₦27.9 billion), public-private partnerships (₦6.1 billion), domestic loans/borrowings (₦71 billion), and international loans/borrowing receipts (₦32.75 billion).
The economic sector receives the highest allocation in capital expenditure, amounting to N207.8 billion, followed by the social sector with N182.9 billion. Education, constituting 73.6% of the social sector allocation, receives ₦134.6 billion, representing the highest allocation in both instances and 33% of the total budget. The allocation is intended to reinvent education through the development of new smart schools, training and retraining teachers, and updating curricula.
Other priority areas with significant allocations include infrastructural development and maintenance, agriculture, water, health, job creation, and security. Governor Mbah expressed gratitude to the House of Assembly members for their support and urged all stakeholders to collaborate for the betterment of the state. In response, the Speaker, Rt. Hon. Uchenna Ugwu, commended the governor’s impactful initiatives and pledged to diligently work on the 2024 budget estimates.
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