Enugu State Governor, Peter Mbah, has expressed confidence that his administration is on track to achieve the N600 billion Internally Generated Revenue (IGR) target for 2025, a key element of his economic strategy for the state’s growth and development. Speaking during his investiture as President of the Enugu Sports Club on Saturday night, Mbah provided an update on the state’s financial trajectory, reaffirming his commitment to boosting IGR and reducing reliance on federal allocations. He emphasized that this revenue growth would be critical in driving transformative development projects across various sectors in the state, including infrastructure, education, healthcare, and more.
Mbah highlighted that when he took office, Enugu’s IGR stood at approximately N25 billion, but with the new target of N600 billion, his administration is confident of surpassing this ambitious goal. He stated, “When we took over, the state’s IGR was about N25 billion. This year, our projected IGR is N600 billion, and based on the numbers we are seeing, we are not only going to meet this target but surpass it.” The governor also emphasized that achieving such growth would enable more meaningful investments in critical sectors, improving the quality of life for residents across the state.
Addressing concerns about the feasibility of his economic vision, Mbah recalled the early skepticism surrounding his plan to expand Enugu’s economy from $4.4 billion to $30 billion. At the time, many analysts doubted the possibility of such rapid economic growth, particularly as it required a 27 percent compounded annual growth rate. However, Mbah remained steadfast in his belief that the growth target is achievable, noting, “At the time, the trending analysis did not support such a growth level. Achieving this target requires a 27 percent compounded annual growth rate, and some questioned how it could be realized.” He reaffirmed that his administration’s economic plan was inclusive and would ensure that all parts of the state contribute to and benefit from the state’s economic development.
Mbah’s remarks underline his determination to diversify Enugu’s revenue sources and foster a more self-sustaining economy, laying the foundation for continued progress in the state’s long-term development. As his administration works toward these ambitious goals, there are expectations for greater participation from the private sector, innovative revenue-generating initiatives, and broader regional collaborations. With his confidence and commitment, the governor is aiming to turn Enugu into a beacon of economic transformation in Nigeria.