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‘N3trn for security sector, health gets N1trn’ — breakdown of 2024 budget

 

The federal government says it will prioritise the health,
defence, and education sectors in its spending in the 2024 fiscal year.

 

Atiku Bagudu, minister of budget and national planning
disclosed this in a statement on Thursday a breakdown of the 2024 budget.

 

On Wednesday, President Bola Tinubu presented a budget
proposal of N27.5 trillion to the national assembly for the fiscal year 2024.

 

Tinubu said the budget would cement macroeconomic stability,
reduce the deficit, and increase capital spending and allocation to reflect the
eight priority areas of this administration.

Providing a breakdown of the budget, Bagudu said the
allocations include provisions for various ministries and agencies within each
sector.

 

He said the projected national revenue in 2024 is estimated
at N18.32 trillion, marking a substantial 66 percent increase compared to the
previous year’s budget.

 

The minister also said oil-related sources are expected to
contribute N7.94 trillion (43.3 percent), while non-oil revenue is projected to
contribute N10.39 trillion.

 

“The government aims to address fiscal challenges and the
revenue inflows are influenced by various factors such as the exchange rate,
higher oil production projections, and the removal of subsidies,”
Bagudu said.

 

“Recognising the global and domestic challenges faced by
Nigeria, as well as increased fiscal risks resulting from weaker-than-expected
economic performance and structural issues, the draft 2024 budget aims to
address these challenges.

 

“The government intends to improve revenue generation by
reviewing tax and fiscal policies, to increase the revenue-to-GDP ratio.

 

“Key strategies include enhancing tax administration and
collection efficiency, implementing significant public finance management
reforms, and stimulating the economy through regulatory and policy measures to
boost domestic value-addition and attract external investment.

 

“The government also emphasizes prioritizing safety nets to
protect vulnerable segments of the population.”

 

Bagudu said the early passage of the budget for
implementation from January 1, 2024, is paramount and expected to contribute
significantly to achieving macro-fiscal and sectoral objectives.

 

HEALTH, EDUCATION,
DEFENCE SECTORS GET BIGGER SHARE

 

With a crude oil benchmark price of $77.96 per barrel and an
output of 1.8 million barrels per day, Bagudu said the budget focuses on
critical sectors such as defense, healthcare, education, and infrastructure.

 

Speaking on sectoral allocations, the minister said N3.25
trillion has been allocated to the defence and security sector, representing
11.8 percent of the national budget.

 

Out of the N27.5 trillion, N1.32 trillion was earmarked for
infrastructure projects, accounting for 4.83 percent of the budget.

 

Bagudu said the health sector got N1.33 trillion, equivalent
to 4.8 percent of the federal government’s budget, while N2.18 trillion (7.9
percent) was given to the education sector.

 

A further breakdown of the budget for education showed that
N1.27 trillion was allocated to the federal ministry of education, the
Universal Basic Education Commission (UBEC) received N251.47 billion, while the
Tertiary Education Trust fund (TETFUND) got N700 billion.

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