Connect with us

Politics

Breaking: Enugu Unveils 2024 Budget Focused On Transformative Economic Advancement

Published

on

With great honor and a profound sense of responsibility, I stand before this esteemed assembly today to present our state’s Multi-Year Budget for the period 2024-2026. This holds particular significance as it marks the first full-year budget of this administration, setting the tone for achieving our growth objectives…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

Not long ago, we presented the revised 2023 budget to this honorable House, and I express gratitude for your swift consideration. I now request a similar commitment as we delve into the current bill.

Our vision, to make Enugu one of Nigeria’s top three states in GDP and achieve zero percent poverty, guides this budget. We aim to boost private sector involvement, enhance education and healthcare, and maximize internal revenue generation.

Reflecting on our performance, the 2023 revised budget facilitated notable achievements, including launching an ultra-modern water scheme, awarding contracts for road construction, and expanding the National Cash Transfer Register.

The 2024-2026 Multi-Year Budget, named “Budget of Disruptive Economic Growth,” focuses on redefining our approach to basic education and infusing technology into public service. We aim for experiential learning in 260 Smart Model Basic Schools and an automated e-governance system.

Now, let me present a summary of the budget allocations:

– Total Budget: ₦521,561,386,000.00
– Recurrent Expenditure: ₦107,227,266,000.00
– Capital Expenditure: ₦414,334,120,000.00

Revenue estimates for 2024 are ₦383,789,000,000.00, with a focus on internal revenue generation, statutory revenue, and VAT.

The Recurrent Expenditure of ₦107,227,266,000.00 includes personnel costs, overhead costs, and consolidated revenue fund charges. Net Recurrent Revenue of ₦276,561,734,000.00 will be transferred to the Capital Development Fund.

Capital Expenditure of ₦414,334,120,000.00 will be funded by ₦276,561,734,000.00 from the Consolidated Revenue Fund and ₦137,772,386,000.00 from capital receipts.

Sectorial breakdown of Capital Expenditure:
– Administration Sector: ₦20,877,662,350
– Economic Sector: ₦207,837,753,513
– Law & Justice Sector: ₦1,225,643,490
– Regional Sector: ₦1,443,550,000
– Social Sector: ₦182,949,510,648

Key allocations include ₦134,587,982,647.78 for education, ₦21,777,421,000 for healthcare, ₦82,535,147,361.03 for infrastructure, ₦28,970,250,000 for water, and ₦25,184,154,671.81 for agriculture.

This budget prioritizes job creation, youth empowerment, and private sector investment. We commit to good governance, accountability, and prudent financial management.

To support fiscal initiatives, we will collaborate with security agencies, increase Public Private Partnership, expand the industrial base, and boost domestic revenue.

In conclusion, this Budget of Disruptive Economic Growth represents our collective effort to build a prosperous, inclusive, and resilient Enugu State. I call on all stakeholders to join hands for a brighter future.

Thank you, and God bless Enugu State. Wishing you a Merry Christmas and a Prosperous New Year. Our Tomorrow is here!

Advertisement

latest

Hard Times Return As Petrol Price Jumps To N1,440 Per Litre Across Nigeria

Published

on

Petrol prices have surged across Nigeria, with filling stations now selling fuel between N1,364 and N1,444 per litre, as rising global crude oil prices continue to pressure the domestic market.....KINDLY READ THE FULL STORY HERE▶

Findings on Thursday evening showed that major marketers such as the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, Ardova (AP), and Mobil have adjusted their pump prices to between N1,364 and N1,370 per litre.

Other outlets, including AA Rano, Emedab, Empire Energy, and Ranoil, are selling at even higher rates, ranging from N1,370 to N1,440 per litre.

This represents a sharp increase from about N900 per litre recorded in February 2026.

The latest hike comes just 24 hours after Dangote Refinery and depot operators raised their gantry and ex-depot prices to N1,275 and N1,320 per litre respectively, citing rising global crude oil costs.

Market data on Friday morning showed that Brent and West Texas Intermediate (WTI) crude rose to $111 and $105 per barrel, driven by ongoing geopolitical tensions involving Iran, the United States, and Israel in the Middle East.

The situation has also been worsened by the recent withdrawal of the United Arab Emirates from the Organization of Petroleum Exporting Countries (OPEC), further increasing volatility in the global oil market.

Reacting to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the global oil price increase is directly affecting fuel costs in Nigeria.

He noted that while Dangote Refinery has helped cushion the impact, fluctuations in the international crude market are still influencing domestic pricing.

The continuous rise in petrol prices has sparked fresh calls for government intervention, as Nigerians struggle with worsening economic hardship.

The development comes at a sensitive time as workers mark May Day, with the national minimum wage at N70,000 and the cost of living rising alongside fuel prices edging close to N1,500 per litre.

Continue Reading

latest

AGF Fagbemi Moves To Deregister ADC, Accord, AA And Other Political Parties

Published

on

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has called for the deregistration of several political parties, including the Action Alliance (AA), African Democratic Congress (ADC), Accord Party, Zenith Labour Party, and Action Peoples Party (APP).....KINDLY READ THE FULL STORY HERE▶

Fagbemi made the request before the Federal High Court, arguing that it is unconstitutional to allow political parties that have consistently failed to win electoral seats to remain registered.

His position was presented in an affidavit filed in response to a suit by the National Forum of Former Legislators (NFFL), which is also seeking the deregistration of the affected parties.

The AGF urged strict enforcement of Section 225A of the Nigerian Constitution, stating that the Independent National Electoral Commission (INEC) has no discretionary power to retain parties that do not meet the required electoral performance threshold.

He further argued that the continued existence of non-performing political parties contributes to ballot paper overcrowding, increases the cost of elections, complicates electoral administration, and weakens the intent of the Constitution.

According to him, the constitutional amendment was introduced to address challenges such as ballot clutter and inefficiencies in the voting process.

Fagbemi also noted that, as the chief law officer of the federation, he is empowered to initiate or support actions aimed at ensuring compliance with constitutional provisions.

Earlier in the proceedings, counsel to the NFFL, Yakubu Ruba (SAN), told the court that the case seeks judicial clarification on constitutional and legal provisions governing the registration and continued recognition of political parties in Nigeria.

He explained that the suit is strictly for constitutional interpretation, insisting that some political parties may have violated the law, and therefore require judicial guidance on their status.

Continue Reading

latest

2027: Edo People Will Back Tinubu Because He’s “Releasing Money” — Gov. Okpebholo.

Published

on

Edo State Governor, Monday Okpebholo, has expressed confidence that residents of the state will support President Bola Tinubu in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

News reports that Okpebholo made this known during an interview on Channels Television’s Politics Today.

The governor said he is confident that Edo voters will turn out massively to deliver votes for Tinubu, insisting that the state could contribute up to 2.5 million votes in the next election.

He stated, “I will get the 2.5 million votes from Edo State, it’s already on the streets, everybody is coming to vote for Asiwaju on that day.”

When asked whether Tinubu’s support in Edo would be driven by his influence, Okpebholo said the President has been providing financial support to the state and other governors to carry out development projects.

He said, “Because of the work we are doing, because of the money Tinubu is releasing to us to work for him and that is what you are seeing on the street.

“It has never happened in Edo State like this before.”

The governor also recalled that Labour Party presidential candidate Peter Obi defeated Tinubu in Edo State during the 2023 election, attributing it to what he described as poor performance by the then-governor, Godwin Obaseki.

He added that voter sentiment in the state has now shifted, saying residents are more inclined to support candidates based on governance performance.

Okpebholo further argued that dissatisfaction with the previous administration influenced the last election outcome, but insisted that the current political climate would produce a different result in 2027.

Continue Reading

Trending

Copyright © 2023 NIVONEWS