On Tuesday, Governor Peter Mbah of Enugu State presented a budget of N521.5 billion for the 2024 fiscal year to the state House of Assembly, News About Nigeria reports.
The governor, labeling it the “Budget of Disruptive Economic Growth,” highlighted its historic significance as the highest in the state’s history, comprising N414.3 billion for capital expenditure and N107.2 billion for recurrent expenditure.
During the budget presentation, Governor Mbah explained, “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.”
The total proposed budget of N521.5 billion represents a remarkable 132% increase from the 2023 revised budget.
Governor Mbah provided insights into the expected sources of revenue, including N252.7 billion from Internally Generated Revenue, N60 billion from statutory revenue, N16 billion from excess crude oil revenues, N44 billion from Value Added Tax, and others.
The breakdown of recurrent expenditure, totaling N107.2 billion, included personnel costs of N47.6 billion, overhead costs of N41.8 billion, and consolidated revenue charges of N17.8 billion.
Notably, the Net Recurrent Revenue of N276.6 billion would be transferred to the capital development fund.
In the capital expenditure allocation, the economic sector received the highest share at N207.8 billion, followed by the social sector at N182.9 billion.
Education, within the social sector, received 73.6% of the allocation, constituting 33% of the total budget, making it the highest recipient in both instances.
Mbah outlined the funding structure for the capital expenditure, with N276.6 billion transferred from the consolidated revenue fund and additional capital receipts of N137.8 billion from external and internal aids and grants, Public Private Partnership, domestic loans/borrowings, and international loans/borrowing receipts.
