Enugu State Governor, Peter Mbah presented a N521.5 billion budget for the fiscal year 2024 to the state House of Assembly on Tuesday.
The budget proposal, dubbed “Budget of Disruptive Economic Growth,” is the state’s largest in history, with N414.3 billion in capital spending and N107.2 billion in recurrent expenditure.
The governor additionally allocated 33% of the overall budget to education.
“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 the size of N521,561,386,000.00 for the 2024 fiscal year as against the approved revised provision of N224,697,899,063.00 for 2023. This represents a 132 per cent increase from the 2023 revised budget.
“In the area of our revenues, we estimated that total recurrent revenues during 2024 will amount to N383,789,000,000.00 as against the approved revised provision for 2023 of N143,571,592,917,” Mbah stated at the budget presentation in plenary on Tuesday.
Giving a breakdown of the government’s expected revenue sources, the governor stated that while the state had an opening balance of N11 billion, it expected to earn N252.7 billion from Internally Generated Revenue, N60 billion from Statutory Revenue, N16 billion from excess crude oil revenues and others, and N44 billion from Value Added Tax.
Speaking on recurrent and capital expenditures, Mbah said:
“For the 2024 Fiscal Year, recurrent expenditure which is proposed at N107,227,266,000.00 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 N107,227,266,000.00, this translates to a Net Recurrent Revenue of N276,561,734,000.00, which is thus transferred to the capital development fund.
“The total capital expenditure for the year 2024 is projected at N414,334,120,000.00 as against N135,715,099,693.00 for the 2023 revised budget. The current capital expenditure estimate will be funded from the sum of N276,561,734,000.00 to be transferred from the consolidated revenue fund, and the capital receipts of N137,772,386,000.00 to be realised as follows: eternal 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.”
The economic sector received the most capital expenditure distribution (N207.8 billion), followed by the social sector (N182.9 billion).
Education, on the other hand, received 73.6 percent of the social sector allocation and 33 percent of the overall budget, the highest in both cases.
cc: Punch Ng
