Mbah presents 521.5bn budget, education gets N172bn

This budget reflects the government's commitment to economic growth and prioritizes investment in education as a key driver of development.

Dec 6, 2023 - 15:12 Updated: Dec 6, 2023 - 16:45

Mbah presents 521.5bn budget, education gets N172bn

Enugu State Governor, Peter Mbah, has presented a historic budget of N521.5 billion for the 2024 fiscal year to the state House of Assembly. Named the "Budget of Disruptive Economic Growth," it comprises N414.3 billion for capital expenditure and N107.2 billion for recurrent expenditure. Education receives a significant allocation, with 33% of the total budget allocated to this sector.

Governor Mbah highlighted the aim of driving economic growth in a unique pattern, representing a substantial increase from the 2023 revised budget. The budget emphasizes revenue estimates, with N252.7 billion expected from Internally Generated Revenue, N60 billion from statutory revenue, and other sources contributing to a total revenue estimate of N383.8 billion.

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The breakdown includes N107.2 billion for recurrent expenditure, covering personnel costs, overhead costs, and consolidated revenue charges. Notably, N276.6 billion from net recurrent revenue will be transferred to the capital development fund. The projected capital expenditure for 2024 is N414.3 billion, with various funding sources, including aids and grants, public-private partnerships, domestic loans, and international loans.

On a sectoral basis, the economic sector receives the highest capital expenditure allocation, followed by the social sector. Education, within the social sector, receives the highest allocation, representing 73.6% of the social sector and 33% of the total budget.