Governor Peter Mbah of Enugu State has unveiled a historic budget of N521.6 billion for the fiscal year 2024 before the Enugu State House of Assembly. Themed “Budget of Disruptive Economic Growth,” this budget is the largest in the state’s history, with N414.3 billion allocated to capital expenditure and N107.2 billion to recurrent expenditure.<\/p>\n
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Governor Mbah explained that the budget is structured to foster growth in a distinctive manner, marking a departure from previous approaches. The proposed budget represents a significant 132% increase from the 2023 revised budget, emphasizing the administration’s commitment to economic development.<\/p>\n
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In the breakdown of revenues, the governor estimated total recurrent revenues for 2024 at \u20a6383.8 billion, emphasizing a proactive financial strategy. Various revenue sources, including internally generated revenue (IGR), statutory revenue, excess crude oil revenues, and Value Added Tax (VAT), contribute to the overall revenue projection.<\/p>\n
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The recurrent expenditure, set at \u20a6107.2 billion, comprises personnel costs, overhead costs, and consolidated revenue charges. Governor Mbah highlighted the net recurrent revenue of \u20a6276.6 billion, which would be transferred to the Capital Development Fund.<\/p>\n
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The capital expenditure for 2024 is projected at \u20a6414.3 billion, with economic and social sectors receiving the highest allocations of N207.8 billion and N182.9 billion, respectively. Education takes the lead within the social sector, receiving 73.6%, amounting to \u20a6134.6 billion, demonstrating a commitment to educational transformation.<\/p>\n
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The governor outlined strategic allocations for infrastructural development, agriculture, water supply, healthcare, job creation, and security, reflecting a comprehensive approach to governance. The proposed budget aligns with the state’s priorities, emphasizing sectors crucial for sustainable development.<\/p>\n
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Governor Mbah expressed gratitude to the State House of Assembly for their support across party lines and called on all stakeholders to collaborate in advancing the state’s shared vision for a better future. In response, the Speaker, Rt. Hon. Uchenna Ugwu, commended the governor’s impactful initiatives and assured a thorough and expedited review of the budget estimates.<\/p>\n
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Governor Peter Mbah of Enugu State has unveiled a historic budget of N521.6 billion for the fiscal year 2024 before the Enugu State House of Assembly. Themed “Budget of Disruptive Economic Growth,” this budget is the largest in the state’s history, with N414.3 billion allocated to capital expenditure and N107.2 billion to recurrent expenditure. […]<\/p>\n","protected":false},"author":14,"featured_media":9477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-9476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=9476"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9476\/revisions"}],"predecessor-version":[{"id":9478,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/9476\/revisions\/9478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/9477"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=9476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=9476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=9476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}