Enugu Governor presents 2024 N521.5bn Budget
Governor Dr. Peter Mbah has presented a N521.5 billion budget for Enugu State in 2024, with N414.3 billion for capital expenditure and N107.2 billion for recurrent expenditure.
Education receives 33% of the budget, leading alongside healthcare, infrastructure, water, and agriculture. The Speaker assures a diligent review and swift approval.
Governor Mbah, on Tuesday, introduced the “Budget of Disruptive Economic Growth,” the state’s highest-ever budget. It consists of N414.3 billion for capital expenses and N107.2 billion for recurrent costs.
The proposed budget of ₦521,561,386,000 is a significant 132% increase from the 2023 revised budget. The governor outlined revenue sources, including ₦252.7 billion from IGR, ₦60 billion from statutory revenue, ₦16 billion from excess crude oil, and ₦44 billion from VAT.
Recurrent expenditure of ₦107.2 billion includes ₦47.6 billion for personnel, ₦41.8 billion for overhead, and ₦17.8 billion for consolidated revenue charges.
The capital expenditure of ₦414.3 billion will be funded from various sources, including internal aids, loans, and grants.
The economic sector leads in capital expenditure with ₦207.8 billion, followed by the social sector with ₦182.9 billion. Education claims 73.6% of the social sector allocation and 33% of the total budget, emphasizing its importance in poverty eradication.Governor Mbah expressed the focus on education, allocating ₦134.6 billion for smart schools, teacher training, and curriculum updates.
Other top allocations include ₦82.5 billion for infrastructure, ₦25.1 billion for agriculture, ₦28.9 billion for water, and ₦21.7 billion for health.The governor thanked the House for bipartisan support and urged stakeholders to collaborate for a better future.
Speaker Rt. Hon. Uchenna Ugwu commended the governor’s impact and pledged swift action on the 2024 budget.
