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2024 BUDGET: The important numbers and who gets what



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.

READ ALSO:Tinubu’s 2024 budget lacks detailed plans for economic revival – PDP

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.

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