President Bola Tinubu on Wednesday presented the 2024 appropriation bill of the federal government of N27.5 trillion to a joint session of the National Assembly.
In the budget, the Federal Government earmarked the sum of N3.25 trillion for defence and security in the 2024 budget estimates, representing 12 per cent of the estimates.
The allocation encompasses funding for the military, police, intelligence, and para-military entities, covering recurrent and capital expenditures.
Similarly, N1.32 trillion was budgeted for infrastructure development in the 2024 budget, an equivalent of five per cent of the budget.
This encompasses provisions for Works and Housing, Power, Transport, Water Resources, and Aviation ministries.
Education also received N2.18trn of the budget representing 7.9 per cent allocation.
Of the sum, N251.47 billion will go to the Universal Basic Education Commission (UBEC), N700.0 billion for infrastructure projects in tertiary institutions under the Tertiary Education Trust Fund (TETFUND); N1.23 trillion is for the Federal Ministry of Education and its agencies.
The government also allocated the sum of N1.33 trillion to healthcare, representing another five per cent of the budget.
This allocation includes N125.74 billion for the Basic Healthcare Provision Fund (BHCPF), N137.21 billion for Gavi/immunisation funds, including counterpart funding for donor-supported programmes, and N1.07 trillion for the Federal Ministry of Health and its agencies.
Minister of Budget and Economic Planning, Abubakar Atiku Bagudu revealed these as the sectoral allocations in the 2024 budget after its presentation by the president.
An allocation of N534 billion, accounting for two per cent of the budget, has been earmarked for Social Investments and Poverty Reduction programmes.
Bagudu said the estimated deficit is N9.18 trillion, which amounts to around 50 per cent of the total revenues and approximately 3.88 per cent of the estimated GDP.
The minister explained: “The significant expected increase in the fiscal deficit for 2024 is partly due to the suggested salary review for federal employees, increased pension responsibilities, and higher debt servicing expenses.
Bagudu said the government was reviewing current tax and fiscal policies to increase the revenue-to-GDP ratio from less than 10 per cent to 18 per cent.
This will entail enhancing tax administration and collection efficiency and blocking financial leakages.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...
INVESTIGATION: Uncompleted Old Enugu-Onitsha Road brings untold hardship, tears to commuters, residents of Enugu communities
Ugwu Obinna’s younger sister was killed after a truck driver transporting cows rammed into her shop located at the Okpatu...
INVESTIGATION: Students sit on floors, under leaking roofs as multi-million naira project is nowhere to be found in Zamfara
Suleman Tukur, 15, an SS 2 student of Government Day Secondary School (GDSS) Bakura in Bakura local government area of...