2024 Budget Breakdown: New Details Of Tinubu’s N27.5 Trillion Proposal

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President Tinubu’s N27.5 Trillion 2024 Budget Breakdown Unveiled. 

President Bola Tinubu, during a joint session at the National Assembly, has presented the N27.5 trillion budget estimates for the fiscal year 2024. The proposed budget, named the “Budget of Renewed Hope,” aims to foster job-rich economic growth, ensure macro-economic stability, create a conducive investment environment, enhance human capital development, and address poverty reduction with increased access to social security.

See Breakdown

The breakdown and critical allocations in the 2024 budget, as disclosed by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, are as follows:

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Education: N2.18 Trillion (7.9% of Budget)

  • N1.23 trillion allocated for the Federal Ministry of Education and its agencies (Recurrent & Capital expenditure)
  • N251.47 billion designated for the Universal Basic Education Commission (UBEC)
  • N700.0 billion allocated for transfers to the Tertiary Education Trust Fund (TETFUND) to support infrastructure projects in tertiary institutions.

Health: N1.33 Trillion (5% of Budget)

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  • N1.07 trillion earmarked for the Federal Ministry of Health and its agencies (Recurrent & Capital expenditure)
  • N137.21 billion allocated for Gavi/ Immunization funds, including Counterpart Funding for Donor Supported Programmes
  • N125.74 billion transferred to the Basic Healthcare Provision Fund (BHCPF), constituting 1% of CRF.

Defence and Security: N3.25 Trillion (12% of Budget)

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  • This allocation encompasses the Military, Police, Intelligence & ParaMilitary (Recurrent & Capital expenditure).

Infrastructure: N1.32 Trillion (5% of Budget)

  • Provisions made for Works & Housing, Power, Transport, Water Resources, and Aviation are included in this category.

Social Development & Poverty Reduction Programmes: N534 Billion (2% of Budget)

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  • N534 billion allocated for Social Investments and Poverty Reduction Programmes.

The budget is currently undergoing thorough scrutiny and deliberation by the National Assembly for final approval. This comprehensive approach to budgetary allocation reflects the government’s commitment to addressing key sectors such as education, health, defence, infrastructure, and social development, aligning with the overarching theme of renewed hope for the nation.

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