President Bola Tinubu on Wednesday unveiled the ₦27.5 trillion budget estimates for the 2024 fiscal year.

The 2024 budget themed ‘The Budget Of Renewed Hope’ was presented to a joint session of the National Assembly and is currently undergoing scrutiny and deliberation for final approval.

In his presentation, Tinubu declared that “the 2024 Appropriation has been themed the Budget of Renewed Hope.

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“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”.

Breakdown Of The 2024 Budget

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.

EDUCATION

₦2.18 Trillion (7.9% of Budget)
Breakdown
₦1.23 trillion – Amount provisioned for the Federal Ministry of Education and its agencies (Recurrent and capital expenditure)
₦251.47 billion – Amount provisioned for Universal Basic Education Commission (UBEC)
₦700.0 billion – Transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in Tertiary institutions.

This amount falls short of the 26 per cent benchmark recommended by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

HEALTH

₦1.33 Trillion (5% of Budget)
Breakdown
₦1.07 trillion – Amount provisioned for the Federal Ministry of Health and its agencies (Recurrent and capital expenditure)
₦137.21 billion – Gavi/ Immunization funds, including Counterpart Funding for Donor Supported Programmes
₦125.74 billion – Transfer to Basic Healthcare Provision Fund (BHCPF) 1% of CRF

DEFENCE AND SECURITY

₦3.25 trillion (12% of Budget) – Amount provisioned for the Military, Police, Intelligence and paramilitary (Recurrent & Capital expenditure)

INFRASTRUCTURE

₦1.32 trillion (5% of Budget) – This includes provisions for Works & Housing, Power, Transport, Water Resources, and Aviation.

SOCIAL DEVELOPMENT AND POVERTY REDUCTION PROGRAMMES

₦534 billion (2% of Budget) – Amount provisioned for Social Investments / Poverty Reduction Programmes.