The administration of President Bola Tinubu intends to allocate N6.75 trillion of its anticipated N27.5 trillion budget on infrastructure, education, and defense and security in 2024.
The government also plans to use N10.4 trillion in dividends, taxes, and other sources.
This was revealed by Abubakar Bagudu, the Minister of Budget and National Planning, on Wednesday at the presentation of the 2024 budget breakdown.
The amount of funding allocated to the education sector (N2.18tn) exceeds the N1.08tn planned for the sector in the 2023 appropriation by 101.85%.
Of the total, N1.23 trillion would go to the Universal Basic Education Commission and its agencies, N251.47 trillion will go to the Federal Ministry of Education, and N700 billion will be transferred to the Tertiary Education Trust Fund.
Bagudu said during the budget presentation that N50 billion of the funds will go toward the Federal Government’s student loan program.
The N3.25tn allocation for the defense and police affairs ministries in 2023 represented a 46.39 percent increase in funding for the defense and security sector, which encompasses the military, police, intelligence, and paramilitary forces.
The budgetary allotment to the health sector increased by 23.15 percent to N1.33 trillion from N1.08 trillion in the 2023 appropriation, according to the paper that the minister of budget gave.
N137.21 billion for Gavi/immunization money, including matching funding for donor-support programs, N1.07 trillion for the federal ministry of health and its agencies, and N125.74 billion as a transfer to the basic healthcare provision budget make up the total sum allotted.
N1.32 trillion will also be used to provide infrastructure for the electricity, transportation, housing, aviation, water resources, and works sectors.
The previous governor of Kebbi gave an explanation for the low funding, stating that the president had ordered more private sector participation in infrastructure development.
He disclosed that all ministries have received equivalent directives to court willing local and global investors in order to upgrade the country’s infrastructure.
Additionally, N534 billion has been allocated for programs aimed at reducing poverty and social investments in 2024. The government anticipates spending N8.25 trillion on debt payment, N243 billion on sinking funds, N10.26 trillion on non-debt recurring expenses, and N8.70 trillion on capital expenditures.
As of September 2023, the Federal Government has received N8.65 trillion in income, of which N1.42 trillion comes from oil and N2.50 trillion from non-tax sources, according to Bagudu, who was also providing commentary on the performance of the 2023 budget.
Bagudu said that although actual spending has only reached N13.7 trillion, the projected total expenditure for 2023 (including the supplemental budget) is N24.82 trillion.