December 28 2023

N521.5bn Budget: “We’ll borrow zero naira,” Peter Mbah shocks Enugu as he signs 2024 budget into law

Enugu State Governor Peter Mbah has signed the unprecedented N521.5bn 2024 budget into law and vow to prove sceptics wrong by borrowing zero naira

keptics gives reasons Peter Mbah would not realize his goals

• Peter Mbah lists how he would realized over N300bn in Enugu State stagnant economy

Enugu State Governor, Peter Mbah, has signed the unprecedented 2024 budget of N521.5 into law, detailed how he would prove the skeptics wrong.

Read Also: Enugu 8th Assembly explains why it passed Gov. Mbah’s N521.5b 2024 budget without question

Speaking during the signing at the state Government House yesterday, Mbah emphasized to his cabinet the need to tighten their belt as the administration must make good its promise to move Enugu State economy to $30 billion within 8 years.

After that Governor Peter Mbah added the hard-to-believe statement, that he would borrow less than 12 percent of the state’s revenue size to fund the budget while over N300 billion would be mobilized from sources within Enugu.

“We are talking about less than 12 percent 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,” the governor said.

However, some aspects of the budget seem to make the heart skip, feeding the opposition and skeptics with feelings that Mbah’s audacious goals are unrealizable.

For example, a whooping sum of N400 billion is to be be spent on capital projects alone, amount which is more than 20 times what has ever been spent on such projects in previous administration.

But Peter Mbah, a seasoned entrepreneur and oracle of giant onshore oil company, Pinnacle Oil, called his “Budget of Disruptive Economic Growth” said his administration has already launched critical steps in the areas of e-government and automation of government services to block loopholes and realize his $30 billion goal for the State.

peter mbah

December 22 2023

Enugu 8th Assembly explains why it passed Gov. Mbah’s N521.5b 2024 budget without question

Enugu State House of Assembly has provided reasons it passed the N521.5 billion 2024 appropriation bill without any opposition.

Read Also: Enugu SSG, Prof. Onyia commends young environmentalists (Photos)

Recall that Governor Peter Mbah had, on December 5, presented the highest budget in Enugu State history to 8th Assembly, seeking quick consideration.

Then, barely three weeks it scaled through all legislative processes and hurdles and was passed yesterday.

In his remark, the Speaker of Enugu State House of Assembly, Hon. Uchenna Ugwu, implied the lawmakers’ faith in Mbah’s ability as the reason for expediting the bill despite the intimidating figures involved.

“Today, Members of the state House of Assembly performed their constitutional duty and have just passed this ‘Budget of Disruptive Economic Growth’ into law. It is now a working document for the executive arm of this government.

“The budget that has about 79 per cent capital expenditure and 21 per cent recurrent expenditure, with each sector of the economy like agriculture, education and the health sectors taking large portions of the funds, is capable of delivering prosperity to the people of Enugu State.

“I, therefore, enjoin the executive to try very hard to implement the content of their document. And I want to assure the people of this state that this House of Assembly is going to take our oversight functions very seriously.

“It is not going to be business as usual. We are going to ensure that every fund we have appropriated is put to judicious use.

“Let me also take this opportunity to thank our dear governor, Peter Mbah, for giving a lifeline to the economy of this state,” Ugwu said.

So far, Governor Peter Mbah has earned the trust of Enugu State residents through several bold actions, most salient of them including the breaking the jinx to fix the perennial water scarcity within six months and ending the obnoxious sit-at-home directive of the self-acclaimed Biafran fugitive, Simon Ekpa.