Enugu State Governor, Peter Mbah, has outlined ambitious plans for the state’s 2024 budget, emphasizing a groundbreaking focus on internally generated revenue (IGR) and robust capital expenditure to propel disruptive economic growth, infrastructural development, and improved service delivery. This significant announcement was made during the signing of the N521.5 billion Enugu State 2024 budget into law at the Enugu State House of Assembly.
In an official statement released by Dan Nwomeh, Governor Mbah’s Senior Special Adviser on Media, and featured on the official X handle of the SSA, the governor revealed the state’s intention to generate a substantial N300 billion from its domestic sources. Governor Mbah expressed confidence in this bold move, stating that borrowing would account for less than 12% of the budget, marking a remarkable shift in financial strategy.
“We are talking about less than 12% of our revenue size that we are going to borrow to execute this budget. That is enormous as we are expecting to mobilize over N300bn from our domestic sources, and that has not happened before. What this means is that we are all going to work tirelessly to ensure that these revenues are realized. It also means that for us at the Executive Council, our meetings would largely be on our revenue performance,” remarked Governor Mbah, highlighting the commitment to fiscal responsibility and self-sufficiency.
Governor Mbah outlined the key areas of focus for the 2024 budget, allocating a substantial 79%—N414.3 billion—to capital projects, a staggering 20 times more than the typical capital expenditure in the state since its inception. The governor emphasized that this unprecedented investment in capital projects would address critical gaps in social services, fueling disruptive economic growth.
Among the major capital projects earmarked for Enugu State in 2024 are the construction of 260 smart schools and 260 Type-2 primary healthcare centers across all wards. Additionally, plans include the development of the New Enugu City and extensive paving of feeder and access roads throughout the state. Governor Mbah envisions these initiatives as transformative, signaling a monumental shift in the state’s economic landscape.
Governor Mbah expressed his enthusiasm for the impact this budget would have on the state, stating, “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.”
Termed the ‘Budget of Disruptive Economic Growth,’ Governor Mbah envisions an economic resurgence that will lift people out of poverty, stimulate economic activities, and address critical social service gaps. The substantial investment in the education sector is set to materialize in the form of 260 smart schools, fostering an environment conducive to enhanced learning.
The governor’s commitment extends to healthcare, with plans for 260 Type-2 primary healthcare centers across all wards. This move aims to provide accessible and quality healthcare services to the residents of Enugu State. The infrastructural development, including the construction of the New Enugu City and extensive road paving, is poised to redefine the state’s urban landscape and improve connectivity.
In addition to the focus on social services, Governor Mbah highlighted the strategic importance of the budget in scaling up production in the agriculture sector. The establishment of Special Agro Processing Zones is expected to catalyze agricultural growth, not only for local consumption but also for export, enhancing the state’s economic viability.
Furthermore, the budget signals the introduction of a new sector – the energy and minerals sector – with the aim of driving revenue generation. Governor Mbah envisions harnessing the state’s resources in this sector for the benefit of the people of Enugu, setting the stage for sustainable economic development.
In conclusion, Enugu State’s 2024 budget, as articulated by Governor Peter Mbah, represents a paradigm shift in fiscal policy, emphasizing self-sufficiency, ambitious capital expenditure, and targeted investments in key sectors. As the state embarks on this transformative journey, the outcomes are eagerly awaited, with expectations of a more prosperous and economically vibrant Enugu State. (Note: “Infostride News” has been used in place of “Nairametrics” as per your request.)
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