The President Bola Tinubu-led administration is planning to spend N6.75tn of its projected N27.5tn budget on defence and security, education, and infrastructure in 2024.
The administration is also eyeing N10.4tn from tax, dividends and others.
The Minister of Budget and National Planning, Abubakar Bagudu, disclosed this during the presentation of the 2024 budget breakdown on Wednesday.
Funding to the education sector (N2.18tn) is 101.85 per cent more than the N1.08tn that was budgeted for the sector in the 2023 appropriation.
Of the amount, N1.23tn is for the Federal Ministry of Education and its agencies, N251.47bn for the Universal Basic Education Commission, and N700bn as transfers to the tertiary education trust fund.
While presenting the budget, Bagudu stated that N50bn of the amount would be for the student loan scheme of the Federal Government.
Funding to the defence and security sector (which includes the military, police, intelligence, and paramilitary) increased by 46.39 per cent to N3.25tn from the N2.22tn that was earmarked in 2023’s appropriation for the defence and police affairs ministries.
Based on the document presented by the minister of budget, the allocation to the health sector improved by 23.15 per cent to N1.33tn from N1.08tn in the 2023 appropriation.
Of the amount, N1.07tn has been provisioned for the federal ministry of health and its agencies, N137.21bn for Gavi/immunisation funds, including counterpart funding for donor-support programmes, and N125.74bn as transfer to basic healthcare provision fund.
Additionally, N1.32tn will be expended on the provision of infrastructure in the power, transport, water resources, aviation, works and housing sectors.
Explaining reasons for the low provisions, the former Kebbi governor said the president had directed for increased private sector involvement in infrastructure provision.
He revealed that all ministries have been given matching orders to woo willing domestic and foreign investors to improve the nation’s infrastructure.
Also, N534bn has been budgeted for social investments and poverty reduction programmes in 2024. The government expects to spend N10.26tn on non-debt recurrent expenditure, N8.25tn on debt servicing, N243bn on sinking funds, and N8.70tn on capital expenditures.
While giving insights on the performance of the 2023 budget, Bagudu stated that the Federal Government has gotten N8.65tn in revenues as of September 2023 with an oil revenue of N1.42tn and non-tax revenue of N2.50tn.
Bagudu stated that the estimated aggregate expenditure for 2023 (inclusive of the supplementary budget) is N24.82 trillion, but actual spending has been N13.7tn.