Governor Peter Mbah has officially approved the Enugu State 2024 Budget, totaling N521.5 billion. He expressed confidence that the budget, which emphasizes substantial capital expenditure and efficient service delivery, will pave the way for significant economic growth and transformative infrastructure development.
The Enugu State 2024 Appropriation Law allocates N414.3 billion (79% of the budget) to Capital Expenditure and N107.2 billion (21% of the budget) to other essential areas. Governor Mbah highlighted the crucial role of Internally Generated Revenue (IGR) in funding these initiatives. He emphasized the need for the executive arm of the government to focus on robust revenue mobilization and effective service delivery to make the budget a success.
Speaking during the budget signing, which was witnessed by members of the Enugu State House of Assembly, led by the Speaker, Hon. Uchenna Ugwu, as well as Commissioners and other top government functionaries at the Government House, Enugu on Wednesday, Mbah thanked Members of the state legislature for their support across party lines.
He said that the expeditious passage of the budget was a product of executive-legislature collaboration during the making of the budget estimates, and listed the multiple gains expected from the 2024 budget.
“What this budget signing means to the people of Enugu is that we are going to be spending over N400bn on capital projects in the next year. This is the first time in the history of the state that we are spending that size of funds on capital projects because we are spending 20 times more than what has been typically our Capital Expenditure outlay in Enugu State.
“We called this the ‘Budget of Disruptive Economic Growth’ based on the size of our Capital Expenditure. It also means that we are going to have large economic activities in Enugu State. You can imagine an economy that is typically used to doing N20bn Capital Expenditure now going to witness over N400bn Capital Expenditure. It is going to be monumental in the ways our people are lifted out of poverty and in the ways economic activities will blossom.