The Speaker of the House of Representatives, Tajudeen Abbas, has unveiled a timeline for the passage of the 2024 budget, targeting completion by Saturday, December 30, 2023. This announcement was made during the resumption of the House’s plenary session on Tuesday, December 19,leadership reports.
Speaker Abbas relayed a directive from the Committee on Appropriations to all House committees, stressing the need for them to conclude and submit their reports from the budget defense sessions with government agencies by 8 pm on December 19, 2023. Subsequent processes, including compilation, processing, and harmonization, will follow suit.
The 2024 Appropriation Bill, presented to the National Assembly by President Bola Ahmed Tinubu on November 29, 2023, proposed a budget of N27.5 trillion for the fiscal year 2024. Themed as the “Budget of Renewed Hope,” President Tinubu outlined key objectives, including economic growth, stability, an improved investment environment, human capital development, poverty reduction, and enhanced social security.
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A breakdown of critical allocations in the 2024 budget revealed sector-specific allocations:
- Education: N2.18 Trillion (7.9% of Budget)
- N1.23 trillion for the Federal Ministry of Education and its agencies (Recurrent & Capital expenditure)
- N251.47 billion for the Universal Basic Education Commission (UBEC)
- N700.0 billion 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 for the Federal Ministry of Health and its agencies (Recurrent & Capital expenditure)
- N137.21 billion 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)
- 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 sectoral breakdown underscores the strategic importance of each allocation in the 2024 budget, with the aim of advancing various aspects of national development and welfare. The budget is currently undergoing scrutiny and deliberation within the National Assembly for final approval.
