At least 63 Government-Owned Enterprises (GOEs) would receive N3.77 trillion as expenditure for 2024, a document available on the website of the country’s budget office has shown.
The expenditure consists of a personnel cost of N1.15 trillion, an overhead cost of N1.21 trillion and a capital cost of N1.41 trillion.
The 62 GoEs also have a gross revenue of N4.93 trillion of which the projected revenue for 2024 is N2.91 trillion. These agencies would also receive federal government subventions of N829.18 billion with a targeted net profit of N1.16 trillion with an operating surplus of N1.45 trillion.
GoE means any government or any entity that is directly or indirectly controlled by, under common control with or that controls a government or a governmental entity.
In Nigeria, the agencies are categorized into three groups; 30 self-funded agencies, 11 partially funded agencies and 22 fully funded agencies.
The self-funded GoEs have an expenditure of N2.64 trillion while the partially and fully funded agencies have an expenditure of N817.58 billion and N305.42 billion respectively.
Some of the G0Es are the National Office for Technology Acquisition And Promotion, the Nigeria Civil Aviation Authority, the Nigeria Immigration Service, the Nigeria Meteorological Agency, Nigerian Bulk Electricity Trading, the Nigerian Customs Service, the Nigerian Electricity Management Service Agency, Nigerian Film Corporation, Nigerian Railway Corporation, Standards Organization of Nigeria.
Although listed as one of the GoEs, RipplesMetrics observed that no allocation was given to the Tertiary Education Trust Fund (TETFund).
Recall that President Bola Tinubu presented the 2024 budget of N27.5 trillion in November 2023 to the Joint National Assembly. This was later approved with an increase of N1.2 trillion. Meanwhile, a new order contained in a circular dated January 3 has mandated that GoEs would begin to remit 50 per cent of their total revenue.
The agencies with the highest expenditure allocations include the Nigerian Bulk Electricity Trading with N454.81 billion, the Nigerian Customs Service with N451.55 billion, the Federal Inland Revenue Service with N356.95 billion, and the Nigerian Port Authority with N349.02 billion.
In June 2023, the Director-General of the Budget Office, Ben Akabueze, disclosed in a circular, DG/BDT/GEN.CORR/2016/XII/3067 that the Federal government has decided to stop funding some agencies, many of them professional bodies and councils.
By James Odunayo
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...