Governor Peter Mbah of Enugu State has officially signed the Enugu State 2024 Budget into law, totaling N521.5 billion.
The governor emphasized that this budget would facilitate substantial economic growth, extensive infrastructural development, and improved service delivery within the state.
The Enugu State 2024 Appropriation Law allocates N414.3 billion, which represents 79 percent of the budget, to capital expenditure, and N107.2 billion, representing 21 percent, to recurrent expenditure.
Governor Mbah highlighted the reliance on Internally Generated Revenue (IGR) to fund the budget and urged the executive arm to focus on robust revenue generation and efficient service delivery.
During the budget signing ceremony at the Government House, Enugu, Governor Mbah expressed gratitude to the members of the Enugu State House of Assembly, led by Speaker Hon. Uchenna Ugwu, and various government officials for their support in passing the budget.
He emphasized that the collaborative efforts between the executive and legislative arms were instrumental in the swift passage of the budget.
Governor Mbah outlined the significant impact expected from the 2024 budget, stating, “This budget signing means that over N400 billion will be allocated to capital projects, marking a historic increase in our capital expenditure.
This monumental investment in infrastructure will spur economic activities and uplift our people from poverty.”
He further detailed the key areas of focus, including the establishment of smart schools and primary healthcare centers, radical infrastructural development, the development of a new city, road construction, and the promotion of agriculture for both local consumption and export.
Regarding the funding of the budget, Governor Mbah assured that the state would borrow less than 12 percent of its revenue and aim to mobilize over N300 billion from domestic sources.
He emphasized the administration’s commitment to maximizing revenue generation and ensuring prudent financial management.
Governor Mbah also highlighted the administration’s efforts in implementing e-governance initiatives to enhance accessibility to government services and streamline processes for citizens.
While acknowledging that the transformation efforts might cause some inconveniences, Governor Mbah urged the people of Enugu State to support the administration’s initiatives, assuring them that efforts would be made to minimize any adverse effects.
The Enugu State 2024 Budget was presented by Governor Mbah on December 5, 2023, and passed by the State House of Assembly on December 21.
Speaker Hon. Ugwu reiterated the Assembly’s commitment to diligent oversight to ensure the effective implementation of the budget, thanking Governor Mbah for his commitment to the state’s economy.
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