Breakdown of 2024 Budget Presented by President Tinubu To National Assembly
President Bola Tinubu has presented the N27.5 trillion budget estimates for the 2024 fiscal year, themed the “Budget of Renewed Hope,” to a joint session of the National Assembly. The proposed budget aims to foster job-rich economic growth, ensure macro-economic stability, create a conducive investment environment, enhance human capital development, and address poverty reduction and social security. The budget is currently undergoing scrutiny and deliberation for final approval.
Here is the breakdown of the 2024 budget, as highlighted by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu:
EDUCATION: N2.18 Trillion (7.9% of Budget)
Breakdown:
- Federal Ministry of Education and its agencies: N1.23 trillion (Recurrent and capital expenditure)
- Universal Basic Education Commission (UBEC): N251.47 billion
- Transfers to the Tertiary Education Trust Fund (TETFUND): N700.0 billion for infrastructure projects in Tertiary institutions.
HEALTH: N1.33 Trillion (5% of Budget)
Breakdown:
- Federal Ministry of Health and its agencies: N1.07 trillion (Recurrent and capital expenditure)
- Gavi/ Immunization funds: N137.21 billion, including Counterpart Funding for Donor Supported Programmes
- Transfer to Basic Healthcare Provision Fund (BHCPF): N125.74 billion (1% of CRF)
DEFENCE AND SECURITY: N3.25 Trillion (12% of Budget)
- Amount provisioned for the Military, Police, Intelligence, and paramilitary (Recurrent & Capital expenditure)
INFRASTRUCTURE: N1.32 Trillion (5% of Budget)
- Provisions for Works & Housing, Power, Transport, Water Resources, and Aviation.
SOCIAL DEVELOPMENT & POVERTY REDUCTION PROGRAMMES: N534 Billion (2% of Budget)
- Amount provisioned for Social Investments / Poverty Reduction Programmes.
President Tinubu’s budget prioritizes key sectors, emphasizing the government’s commitment to education, health, defence, security, infrastructure, and social development. The allocation percentages reflect a strategic approach to addressing the nation’s challenges and fostering sustainable development. As the budget undergoes scrutiny, its approval is anticipated to set the stage for tangible progress and renewed hope in the coming fiscal year.
