Enugu State Governor, Peter Mbah, on Tuesday, presented a N521.5bn budget proposal for the 2024 fiscal year before the state House of Assembly.
The budget proposal, which he christened “Budget of Disruptive Economic Growth” is the highest in the state’s history, comprising N414.3 bn capital expenditure and N107.2 bn recurrent expenditure.
The governor said while presenting the budget: “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 ₦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.”
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“Giving a breakdown of the government’s expected sources of revenue, Gov Mbah said that whereas the state had an opening balance of N11bn, it expects to rake in N252.7 bn from Internally Generated Revenue, N60bn from statutory revenue, N16bn from excess crude oil revenues and others, while N44bn would come from Value Added Tax.
“For the 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 the 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: 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 governor said.
On a sectoral basis, the economic sector got the highest in the capital expenditure distribution, which is N207.8bn, followed by the social sector, which got N182.9 bn.
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.
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