Senate Releases Sectoral Allocations Of ₦27.5 Trillion 2024 Budget

The Nigerian Senate has disclosed the sectoral allocations for the 2024 fiscal year’s ₦27.5 trillion budget.

This follows President Bola Tinubu‘s budget presentation to the National Assembly, which was marked by controversy due to limited details.

During the budget debate, members of parliament were given only the president’s speech, without detailed budget documents.

This unusual situation led to concerns and calls for suspending the budget’s consideration until a full breakdown was available.

Despite these concerns, the budget proposal was advanced to the second reading in both chambers without the detailed allocations being provided to the lawmakers.

On Friday night, the Senate Appropriations Committee released key highlights of the budget, focusing on the allocations for different sectors.

In the fiscal document, the ministries of Works, Finance, and Defence got the highest share of the ₦8.7 trillion capital component of the 2024 budget.

The Ministry of Works gets ₦521.3 billion, followed by the Ministry of Finance with ₦519.9 billion while ₦308.2 billion was allocated to the Ministry of Defence.

The Federal Ministry of Health and Social Welfare earmarked ₦304.4 billion while ₦265.4 billion was proposed for capital projects in the Ministry of Education.

Others are the Ministry of Power ₦264.2 billion, Government-owned Enterprises ₦820.9 billion, TETFund ₦665 billion Housing and Urban Development ₦96.9 billion, Water Resources ₦87.7 billion, and Police Affairs ₦69 billion.

The National Assembly under statutory transfers gets ₦198 billion, Niger Delta Development Commission ₦324.8 billion, Universal Basic Education ₦251.4 billion, National Judicial Council ₦165 billion, North East Development Commission ₦126 billion, and Basic Health Care Provision Fund ₦125.7 billion.

Under Capital Supplementation, Zonal Intervention otherwise called constituency projects for federal lawmakers gets ₦100 billion, Special Projects ₦108 billion, Contingency (capital) ₦200 billion, Aid and Grants funded projects ₦685.6billion, and National Social Investment Programme Agency ₦100 billion.