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

• 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.

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