Enugu State Governor, Dr. Peter Mbah, has presented a total budget of N521,561,386,000 for the 2024 fiscal year before the Enugu State House of Assembly.
The budget proposal, which he entitled “Budget of Disruptive Economic Growth” is the highest in the state’s history, comprising N414.3 billion capital expenditure and N107.2 billion recurrent expenditure.
Presenting the budget on Tuesday, Governor Mbah said: “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 size of ₦521,561,386,000.00 for the 2024 fiscal year as against the approved revised provision of ₦224,697,899,063.00 for 2023. This represents a 132% increase from the 2023 revised budget.
“In the area of our revenues, we estimated that total recurrent revenues during 2024 will amount to ₦383,789,000,000.00 as against the approved revised provision for 2023 of ₦143,571,592,917”
Giving a breakdown of government’s expected sources of revenue, the governor said, whereas the state had an opening balance of N11 billion, it expects to rake in N252.7 billion from internally generated revenue (IGR), N60 billion from statutory revenue, N16 billion from excess crude oil revenues and others, while N44 billion would come from Value Added Tax (VAT).
On the Recurrent Expenditure and Capital Expenditure, Mbah explained: “For 2024 Fiscal Year, Recurrent Expenditure which is proposed at ₦107,227,266,000.00 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 ₦107,227,266,000.00, this translates to a Net Recurrent Revenue of ₦276,561,734,000.00, which is thus transferred to the Capital Development Fund.
“The total Capital Expenditure for the year 2024 is projected at ₦414,334,120,000.00 as against ₦135,715,099,693.00 for 2023 Revised Budget. The current capital expenditure estimate will be funded from the sum of ₦276,561,734,000.00 to be transferred from the Consolidated Revenue Fund, and the capital receipts of ₦137,772,386,000.00 to be realised as follows: External 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”.
On sectorial basis, the economic sector got the highest in the Capital Expenditure Distribution, which is N207.8 billion, followed by the social sector, which got N182.9 billion.
However, education got 73.6 per cent of the social sector allocation, and 33 per cent of the total budget, representing the highest in both instances.
“As I mentioned earlier, Education is a key plank in our strategy to eradicate poverty in our State. Consequently, ₦134,587,982,647.78 representing 73.6% of the social sector has been earmarked to help reinvent education in our state by developing the new smart schools, which I mentioned earlier, as well as repositioning our senior secondary and tertiary institutions by training and retraining teachers and updating our curricula across all levels of education to infuse technology and technology appreciation and skills.
“This capital expenditure on education combined with the planned recurrent expenditure in the sector will bring our total spending on education to 33% of the total budget”, the governor stated.
Other top allocations include infrastructural development and maintenance, particularly roads and public buildings, with N82.5 billion to, according to the governor, “smoothen connectivity, bolster trade, and enhance overall accessibility and attract investments that create jobs”; agriculture, which got N25.1 billion in pursuit for the self-sufficiency and economic diversification agenda; water, which got N28.9 billion to ensure safe and quality water supply in the state and boost reticulation across the Enugu metropolis; and health, which got N21.7 billion, as the administration ramps up construction of 260 Type-2 Primary Healthcare Centres across the 260 electoral wards. Other priority areas include job creation, and security.
Mbah, while appreciating Members of the House of Assembly for their support across party lines, urged all stakeholders to join hands "in this journey towards a better future for all residents”.
Responding, the Speaker, Rt. Hon. Uchenna Ugwu, while commending the governor for the remarkable impacts he had made in six months, including the restoration of water to Enugu city, pledged a thorough and expedited work on the 2024 budget estimates.
Afriquecast
Enugu State Governor, Dr. Peter Mbah, has presented a total budget of N521,561,386,000 for the 2024 fiscal year before the Enugu State House of Assembly.
The budget proposal, which he entitled “Budget of Disruptive Economic Growth” is the highest in the state’s history, comprising N414.3 billion capital expenditure and N107.2 billion recurrent expenditure.
Presenting the budget on Tuesday, Governor Mbah said: “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 size of ₦521,561,386,000.00 for the 2024 fiscal year as against the approved revised provision of ₦224,697,899,063.00 for 2023. This represents a 132% increase from the 2023 revised budget.
“In the area of our revenues, we estimated that total recurrent revenues during 2024 will amount to ₦383,789,000,000.00 as against the approved revised provision for 2023 of ₦143,571,592,917”
Giving a breakdown of government’s expected sources of revenue, the governor said, whereas the state had an opening balance of N11 billion, it expects to rake in N252.7 billion from internally generated revenue (IGR), N60 billion from statutory revenue, N16 billion from excess crude oil revenues and others, while N44 billion would come from Value Added Tax (VAT).
On the Recurrent Expenditure and Capital Expenditure, Mbah explained: “For 2024 Fiscal Year, Recurrent Expenditure which is proposed at ₦107,227,266,000.00 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 ₦107,227,266,000.00, this translates to a Net Recurrent Revenue of ₦276,561,734,000.00, which is thus transferred to the Capital Development Fund.
“The total Capital Expenditure for the year 2024 is projected at ₦414,334,120,000.00 as against ₦135,715,099,693.00 for 2023 Revised Budget. The current capital expenditure estimate will be funded from the sum of ₦276,561,734,000.00 to be transferred from the Consolidated Revenue Fund, and the capital receipts of ₦137,772,386,000.00 to be realised as follows: External 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”.
On sectorial basis, the economic sector got the highest in the Capital Expenditure Distribution, which is N207.8 billion, followed by the social sector, which got N182.9 billion.
However, education got 73.6 per cent of the social sector allocation, and 33 per cent of the total budget, representing the highest in both instances.
“As I mentioned earlier, Education is a key plank in our strategy to eradicate poverty in our State. Consequently, ₦134,587,982,647.78 representing 73.6% of the social sector has been earmarked to help reinvent education in our state by developing the new smart schools, which I mentioned earlier, as well as repositioning our senior secondary and tertiary institutions by training and retraining teachers and updating our curricula across all levels of education to infuse technology and technology appreciation and skills.
“This capital expenditure on education combined with the planned recurrent expenditure in the sector will bring our total spending on education to 33% of the total budget”, the governor stated.
Other top allocations include infrastructural development and maintenance, particularly roads and public buildings, with N82.5 billion to, according to the governor, “smoothen connectivity, bolster trade, and enhance overall accessibility and attract investments that create jobs”; agriculture, which got N25.1 billion in pursuit for the self-sufficiency and economic diversification agenda; water, which got N28.9 billion to ensure safe and quality water supply in the state and boost reticulation across the Enugu metropolis; and health, which got N21.7 billion, as the administration ramps up construction of 260 Type-2 Primary Healthcare Centres across the 260 electoral wards. Other priority areas include job creation, and security.
Mbah, while appreciating Members of the House of Assembly for their support across party lines, urged all stakeholders to join hands "in this journey towards a better future for all residents”.
Responding, the Speaker, Rt. Hon. Uchenna Ugwu, while commending the governor for the remarkable impacts he had made in six months, including the restoration of water to Enugu city, pledged a thorough and expedited work on the 2024 budget estimates.
By Emmanuel Luper
177 views
Comments
Leave a Comment
Recent Comments
Good thing they are rising for what is right, kudos
Posted on Sep 04, 2024 at 03:57 PMNice one! Aka Eze Aka all the way🙌🏾
Posted on Sep 04, 2024 at 09:00 PMLovely.. AKA EZE AKA man of the people..
Posted on Sep 04, 2024 at 09:23 PMПолностью трендовые новинки модного мира. Актуальные события самых влиятельных подуимов. Модные дома, торговые марки, haute couture. Лучшее место для стильныех хайпбистов. https://chenews.ru/chepub/387-avariynye-derevya-novye-pravila-v-chelyabinske/
Posted on Sep 05, 2024 at 02:51 AMWhat's up to all, hhow is the whole thing, I think every one is getting more from this web site, and your views are nice in favor of new visitors. https://bandur-ART.Blogspot.com/2024/08/the-ultimate-guide-to-no-mans-sky-mods.html
Posted on Sep 05, 2024 at 10:25 PM<a href="https://1xbetin.com/">1xBet Review</a>
Posted on Sep 06, 2024 at 12:04 AMFantastic moves all hands should be on deck to deliver Ogalla
Posted on Sep 06, 2024 at 11:25 AMHello afriquecast.com administrator, You always provide clear explanations and step-by-step instructions.
Posted on Sep 06, 2024 at 10:00 PMThat's very good 😊 but I wished he gave his brothers and sisters scholarships and also sponsored many of his home town you. By now all academics will be talking of him and his awards.
Posted on Sep 06, 2024 at 11:12 PMhttps://khelraja-india.com/khelraja-login-and-registration/
Posted on Sep 07, 2024 at 07:59 AMGod is not a man that He should lie.He will surely continue to do new things in our lifetime. GLORY!!!!!!!!!!!!!!!!!!!!
Posted on Sep 07, 2024 at 10:35 AMGod is not a man that He should lie.He will surely continue to do new things in our lifetime. GLORY!!!!!!!!!!!!!!!!!!!!
Posted on Sep 07, 2024 at 10:36 AMTell him that game's village Awgu is a tourist center capable of generating huge internal revenue.
Posted on Sep 07, 2024 at 01:48 PMEthical Leadership Centre, Enugu recognising visionary leadership is certainly a milestone towards 'making excellence the norm'. Big thanks to Chief Ben Etiaba for his tireless effort to improve our society and it's pillars.
Posted on Sep 10, 2024 at 09:51 AMYes Rangers! Our darling team was the hope of everyone across the niger to get thrilled and be happy. Rangers was the binding wire that bound the faith of the IGBO MAN together. Because the Igbos does not believe in anybody, rather the Igbo-man believes in self and God. He believes in what he can do for himself and others. Otherwise, how could a people in a war situation be cut off from outside world, they were not getting relief materials from the world bodies, no ammunition and the rest, and things got most trying and difficult. But in such horrible state of life, the IGBO-MAN produce the great bomb fondly called (Ojukwu bucket or Ogbunigwe) that destroys and kills in multiple folds, produced fighter jets which they used during the war, the Igbo-man produced his own fuel both for aviation and automotive uses. The Igbo-man started live again after the war with just twenty pounds only and excelled beyond imagination. Rangers FC was a reincarnated spirit of Igbo-man, that of course was the reason Rangers took over the football sphere in Nigeria shortly after it was founded in early 70's. Well let me come back before I go adrift Rangers International FC. I appreciate my brother Chief Ben Etiaba "Ifennia" founder Ethical Leadership Center Enugu, for the good job he is doing , especially in fishing out our men and women of substance who has paid their dues in their different callings and honouring them duly. Finally, my Congratulations goes to Dr. Joseph Ugboaja the Chief Medical Director Nnamdi Azikiwe University Teaching Hospital Nnewi for his milestone achievement so far at NAUTH. I also congratulate the young enterprising Director of Rangers management board chief Ugboaku for his visionary leadership and achievements. God bless you all, and let the flame keep burning!
Posted on Sep 10, 2024 at 05:25 PMPainful. Ijele colleague
Posted on Sep 13, 2024 at 02:03 PMHi this is somewat of off topic but I waas wanting to know iff blogs usse WYSIWYG editors orr iff you hazve too manually code with HTML. I'm starting a blog ssoon but have no coding expertise so I wanyed to get guidance from someone with experience. Any help would be enormously appreciated! https://lvivforum.pp.ua/
Posted on Sep 14, 2024 at 01:12 AMМодные советы по выбору необычных луков на любой день. Статьи стилистов, события, все новые коллекции и шоу. https://vladtoday.ru/news/2024-09-10-10-prichin-za-chto-my-lyubim-demnu-gvasaliyu/
Posted on Sep 14, 2024 at 09:35 AMYou were hired by another community to come and fight for them, after which you got that land as compensation. And you think you will live in another man's land?Some of these Ebonyi people dont think straight
Posted on Sep 14, 2024 at 02:05 PMСтильные заметки по подбору модных видов на любой день. Мнения профессионалов, новости, все коллекции и шоу. https://vladtoday.ru/news/2024-09-10-10-prichin-za-chto-my-lyubim-demnu-gvasaliyu/
Posted on Sep 14, 2024 at 04:59 PMCan one person sell community land, accord to MrAlinta
Posted on Sep 14, 2024 at 10:17 PMCarry de go you are the man of universal love, The Lord choosing.one.
Posted on Sep 15, 2024 at 12:04 AMSimply wish to say your article iss as amazing. The clarity in your post is simply cool and i could assume you are an expert on this subject. Well with your permission let me to grab your RSS feed to keep up to dazte with forthcoming post. Thanks a million and please carry on the gratifying work. https://Lvivforum.PP.Ua
Posted on Sep 16, 2024 at 07:45 AM