Speaker of the House of Representatives Tajudeen Abbas declared that the 2024 budget would be passed by Saturday, December 30, 2023. This proclamation was made on Tuesday, December 19, as the House reconvened in plenary session.
Speaker Abbas delivered a message to several House committees on behalf of the Committee on Appropriations. He underlined that by 8 p.m. on December 19, 2023, these committees must wrap up and turn in their reports from the budget defense sessions with government agencies.
He went on to explain that other budget-related procedures would be similar, such as processing, compilation, and harmonization.
President Bola Ahmed Tinubu introduced the 2024 Appropriations Bill to the National Assembly on November 29, 2023. For the fiscal year 2024, President Tinubu unveiled a projected N27.5 trillion budget.
The president themed the 2024 budget as the “Budget of Renewed Hope,” aiming to achieve economic growth, stability, improved investment environment, human capital development, poverty reduction, and enhanced social security.
Education: N2.18 Trillion (7.9% of Budget)
– N1.23 trillion provisioned for the Federal Ministry of Education and its agencies (Recurrent & Capital expenditure)
– N251.47 billion allocated to the Universal Basic Education Commission (UBEC
– N700.0 billion earmarked for infrastructure projects in Tertiary institutions through Transfers to the Tertiary Education Trust Fund (TETFUND)
Health: N1.33 Trillion (5% of Budget)
– N1.07 trillion allocated for the Federal Ministry of Health and its agencies (Recurrent & Capital expenditure)
– N137.21 billion set aside for Gavi/Immunization funds, including Counterpart Funding for Donor Supported Programs
– N125.74 billion transferred to the Basic Healthcare Provision Fund (BHCPF) amounting to 1% of the Consolidated Revenue Fund (CRF)
Defence and Security: N3.25 Trillion (12% of Budget)
– Allocation for Military, Police, Intelligence & ParaMilitary (Recurrent & Capital expenditure)
Infrastructure: N1.32 Trillion (5% of Budget)
– Includes provisions for Works & Housing, Power, Transport, Water Resources, and Aviation
Social Development & Poverty Reduction Programs: N534 Billion (2% of Budget)
– Allocation for Social Investments and Poverty Reduction Programs
The breakdown also emphasized how crucial it is that each sector receives funding in the 2024 budget plan in order to improve different aspects of the welfare and growth of the country.
The National Assembly is now reviewing and discussing the budget before approving it in its entirety.
