RipplesMetrics: 62 govt agencies get N3.77 trillion as expenditure in 2024

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.

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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

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