Defence, education, roads get N6.7tn in 2024 budget

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.

This is as it earmarked N6.48tn (96 per cent of the amount to be spent on the three sectors mentioned above) for personnel and pension, an increase of N576.16bn over the 2023 provision. 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.

Earlier, while presenting the 2024 Appropriation Bill, themed ‘Budget of Renewed Hope’ on the floor of the National Assembly on Wednesday, Tinubu said the budget proposal was aimed at completing critical infrastructure projects that would help address structural problems in the economy while lowering the costs of doing business for companies and the cost of living for the average Nigerian.

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.

Bagudu stated, “Equally on infrastructure spending, part of the instruction of Mr President to the cabinet is that as he has done in Lagos, we have to bring in private sector investments into infrastructure. He has mandated all ministries to examine how to access investors who are willing to put money into infrastructure. What the government can put into infrastructure is small compared to what the private sector can bring.

“So, a number of roads and railways, airports, housing and a number of infrastructure projects will be considered. the government funding is to capitalise private investment.”