President Bola Tinubu has revealed the N27.5 trillion budget projections for the 2024 fiscal year. The budget is currently under review and discussion in a joint session of the National Assembly. During the presentation, Tinubu emphasized the theme of the budget as “Renewed Hope,” aiming for job-centric economic growth, macro-economic stability, improved investment conditions, enhanced human capital development, poverty reduction, and expanded social security access.
The Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, released a document outlining key allocations in the 2024 budget, including:
EDUCATION: N2.18 Trillion (7.9% of Budget)
N1.23 trillion for Federal Ministry of Education and its agencies. (Recurrent & Capital expenditure)
N251.47 billion 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)
N1.07 trillion for Federal Ministry of Health and its agencies. (Recurrent & Capital expenditure)
N137.21 billion for 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)
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.
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