The recently unveiled breakdown of the 2024 Budget, as sighted by Ejes Gist News, reveals substantial financial allocations and noteworthy increases across diverse sectors.
Under President Bola Ahmed Tinubu’s administration, the office of Chief of Staff Femi Gbajabiamila is poised for a considerable boost, with an allocated budget of N21 billion, marking an astonishing 97.5% increase from the previous year’s N517.95 million.
It has been gathered that Bola Tinubu’s Chief of Staff, Gbajabiamila, will lavish N21 billion to run his office and cover maintenance costs.”
While shedding light on potential priorities, the report emphasizes the possibility of revisions before the budget’s actual implementation.
Read also: INEC Receives 25 Applications For New Political Parties
2024 Budget Breakdown
A meticulous analysis underscores a significant surge in allocations, particularly within pivotal governmental offices and crucial sectors.
Further scrutiny of the proposed budget delineates substantial allocations for various sectors within the Presidency. The State House headquarters is earmarked to receive N40.61 billion, with specific operational divisions for the President and Vice-President allocated N9.1 billion and N3.14 billion, respectively.
Pay attention: Ooni of Ife Pays Visit To Ex-CBN Governor In Kuje Prison
Noteworthy provisions include N260.5 billion for the Chief Security Officer to the President’s office, N1.13 billion for the State House Medical Centre, and N632.4 million for the State Lagos Liaison office.
On a broader scale, the proposed budget signals substantial financial injections into critical sectors, allocating N272 billion to the Presidency.
This encompasses personnel costs of N176.92 billion, overhead costs of N34.22 billion, and N60.53 billion designated for capital expenditure—an 83.59% surge from the 2023 budget allocation of N148.16 billion.
Beyond the Presidency, key sectors are poised to receive significant financial support. The education sector is allocated N2.18 trillion, while the defense and security sector could see an allocation of N3.25 trillion.
Health, infrastructure, and poverty reduction programs are also set to receive substantial funding, totaling N2.66 trillion and N534 billion, respectively.
Within the proposed budget, N8.490 trillion is allocated for debt servicing, constituting 30% of the budget. Recurrent non-debt expenditure is budgeted at N9.918 trillion, with N7.717 trillion earmarked for capital expenditure contributions to the Development Fund.
Read also: Don’t Marry Woman Who Can’t Place You On Monthly Allowance – Daddy Freeze Tells Men
Key economic indicators outlined in the proposal include a Crude Oil Benchmark of 77.96 USD per barrel, oil production projected at 1.78 million bpd, and a foreign exchange rate of N750 for the Naira against the USD.
