President Bola Tinubu has unveiled a record N27.5 trillion budget for the 2024 fiscal year. The budget was presented to the National Assembly on Wednesday by the President.
Tagged the “Budget of Renewed Hope”, the budget aims to boost job creation, maintain macroeconomic stability and improve the investment climate in Nigeria.
It also seeks to enhance human capital development through investments in education and health as well as reduce poverty.
Some of the key allocations in the 2024 budget include
- Education – N2.18 trillion which is 7.9% of the total budget. This includes N1.23 trillion for the federal ministry of education and agencies as well as N251.47 billion for UBEC and N700 billion for TETFund.
- Health – N1.33 trillion which is 5% of the budget. The federal ministry of health and agencies will get N1.07 trillion while Gavi/immunization programs will receive N137.21 billion and N125.74 billion is earmarked for the Basic Healthcare Provision Fund.
- Defence and Security – N3.25 trillion which is 12% of the budget to fund the military, police, intelligence and paramilitary agencies.
- Infrastructure – N1.32 trillion which is 5% of the budget for works and housing, power, transport, water resources and aviation projects.
The 2024 budget is currently undergoing scrutiny and deliberation in the National Assembly ahead of final approval.
The record budget size indicates the government’s ambition to boost the economy and deliver on its promises in key sectors.
