Breakdown of 2024 Budget Presented by President Tinubu To National Assembly

The breakdown of the 2024 Budget presented by President Tinubu to the National Assembly has emerged.

Newsone had reported earlier that President Bola Tinubu unveiled the N27.5 trillion budget estimates for the 2024 fiscal year,  on Wednesday, November 29, 2023, to a joint session of the National Assembly.

This online news platform understands that the 2024 budget is currently undergoing scrutiny and deliberation for final approval.

In his presentation, he declared, “The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as, poverty reduction and greater access to social security.”

As contained in a document released by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, this is the breakdown and highlights of critical allocations in the 2024 budget.

Below is the breakdown of the 2024 Budget presented by President Tinubu

EDUCATION: N2.18 Trillion (7.9% of Budget)
Breakdown

N1.23 trillion – Amount provisioned for the Federal Ministry of Education and its agencies (Recurrent and capital expenditure)

N251.47 billion – Amount provisioned 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)
Breakdown

N1.07 trillion – Amount provisioned for the Federal Ministry of Health and its agencies (Recurrent and capital expenditure)

N137.21 billion – 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 and paramilitary (Recurrent & Capital expenditure)

INFRASTRUCTURE: N1.32 trillion (5% of Budget) – This includes 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.