Details Of 2024 Budget Unveiled By Federal Government

Details Of 2024 Budget Unveiled By Federal Government

In the 2024 fiscal year, President Bola Tinubu has unveiled a budget of N27.5 trillion for Nigeria.

The budget aims to address critical areas of need and promote development across various sectors, including education, health, defense, infrastructure, and social development.

During his presentation, he announced that, “The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.”

According to the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu’s document released, below is the full detail of the allocations in the 2024 budget.

EDUCATION: N2.18 Trillion (7.9% of Budget)

– N1.23 trillion is allocated to the Federal Ministry of Education and its agencies for both recurrent and capital expenditure. This funding will support the operational and developmental needs of the education sector at the federal level.

– N251.47 billion is provisioned for the Universal Basic Education Commission (UBEC). This allocation aims to strengthen basic education across the country.

– N700.0 billion is allocated as transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in tertiary institutions. This funding will enhance facilities and resources in higher educational institutions.

HEALTH: N1.33 Trillion (5% of Budget)

– N1.07 trillion is allocated to the Federal Ministry of Health and its agencies for both recurrent and capital expenditure. This funding will cater to the various healthcare needs in the country.

– N137.21 billion is allocated for Gavi/Immunization funds, including Counterpart Funding for Donor Supported Programmes. This funding will support immunization programs and related initiatives.

– N125.74 billion is transferred to the Basic Healthcare Provision Fund (BHCPF), which represents 1% of the Consolidated Revenue Fund (CRF). This allocation aims to enhance basic healthcare services and accessibility for all citizens.

DEFENCE AND SECURITY: N3.25 trillion (12% of Budget)

– This amount is provisioned for the military, police, intelligence, and paramilitary agencies in Nigeria. It covers both recurrent and capital expenditure to ensure the safety, security, and defense of the nation.

INFRASTRUCTURE: N1.32 trillion (5% of Budget)

– This allocation encompasses provisions for various infrastructure sectors, including Works & Housing, Power, Transport, Water Resources, and Aviation. The funds will be utilized to improve the country’s infrastructure, such as roads, housing, power generation, transportation networks, water supply, and aviation facilities.

SOCIAL DEVELOPMENT & POVERTY REDUCTION PROGRAMMES: N534 billion (2% of Budget)

– This allocation is earmarked for social investments and poverty reduction programs. The funds will be utilized to implement initiatives aimed at addressing social challenges, reducing poverty, and empowering vulnerable groups in society.

It’s important to note that these allocations are subject to scrutiny and deliberation by the National Assembly for final approval.