Peter Mbah Unveils Enugu State's Historic N521.5bn Budget for 2024 - The Top Society

Peter Mbah Unveils Enugu State’s Historic N521.5bn Budget for 2024

Enugu State Governor, Peter Mbah, made history on Tuesday as he presented a groundbreaking N521.5bn budget for the 2024 fiscal year before the state House of Assembly. Titled the “Budget of Disruptive Economic Growth,” this proposal marks the highest budget in the state’s history, comprising N414.3bn for capital expenditure and N107.2bn for recurrent expenditure.
While prioritizing education, Governor Mbah allocated a significant 33 per cent of the total budget to the sector. During the plenary session, he emphasized the distinctive nature of the 2024-2026 Multi-Year Budget, stating, “This is structured to drive growth in a markedly different pattern than we have attempted to do hitherto.”
The total budget of N521,561,386,000.00 for 2024 represents a remarkable 132 per cent increase from the 2023 revised budget of N224,697,899,063.00. Governor Mbah justified the ambitious figure, citing an estimated total recurrent revenue of N383,789,000,000.00, a significant increase from the N143,571,592,917.00 approved for 2023.
Breaking down the revenue sources, the governor outlined projections, including N252.7bn from Internally Generated Revenue, N60bn from statutory revenue, N16bn from excess crude oil revenues, and N44bn from Value Added Tax. The government’s opening balance of N11bn also played a role in shaping the revenue landscape.
On the expenditure side, Mbah provided a detailed breakdown. The recurrent expenditure of N107,227,266,000.00 covers personnel costs, overhead costs, and consolidated revenue charges. Notably, the Net Recurrent Revenue of N276,561,734,000.00 is earmarked for the capital development fund.
The capital expenditure for 2024, projected at N414,334,120,000.00, dwarfs the 2023 revised budget of N135,715,099,693.00. The funding for this substantial investment includes N276,561,734,000.00 from the consolidated revenue fund and N137,772,386,000.00 from capital receipts, sourced from aids, grants, Public Private Partnership, domestic loans, and international loans.
Sectorally, the economic sector takes the lead with N207.8bn in capital expenditure, closely followed by the social sector at N182.9bn. Education emerges as the top priority within the social sector, receiving 73.6 per cent of the allocation and securing 33 per cent of the overall budget—a move that reflects the government’s commitment to fostering human capital development.
Enugu State residents await the positive impact of this budget, anticipating transformative economic growth and development across various sectors.
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