Nigerian President Bola Tinubu on Wednesday outlined a proposed N27.5 trillion budget for 2024, laying out spending priorities and projections in a new election-year federal budget weighing in as the country’s biggest ever.
Tinubu announced the record budget blueprint during a joint session of the National Assembly in Abuja. He claimed the large proposed expenditures reflected ambitions to accelerate “robust, equitable and sustainable growth” even amid global economic headwinds.
In his presentation, he declared, “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.”
As contained in a document released by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, this is the breakdown and highlights of critical allocations in the 2024 budget.
- EDUCATION: N2.18 Trillion (7.9% of Budget)
Breakdown
N1.23 trillion – Amount provisioned for Federal Ministry of Education and its agencies (Recurrent & Capital expenditure)
N251.47 billion – Amount provisioned for Universal Basic Education Commission (UBEC)
N700.0 billion – Transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in Tertiary institutions.
- HEALTH: N1.33 Trillion (5% of Budget)
Breakdown
N1.07 trillion – Amount provisioned for Federal Ministry of Health and its agencies (Recurrent & Capital expenditure)
N137.21 billion – Gavi/ Immunization funds, including Counterpart Funding for Donor Supported Programmes
N125.74 billion – Transfer to Basic Healthcare Provision Fund (BHCPF) 1% of CRF
- DEFENCE AND SECURITY: N3.25 trillion (12% of Budget) – Amount provisioned for the Military, Police, Intelligence & ParaMilitary (Recurrent & Capital expenditure)
- INFRASTRUCTURE: N1.32 trillion (5% of Budget) – This include provisions for Works & Housing, Power, Transport, Water Resources, Aviation.
- SOCIAL DEVELOPMENT & POVERTY REDUCTION PROGRAMMES: N534 billion (2% of Budget) – Amount provisioned for Social Investments / Poverty Reduction Programmes.
