THE Speaker of the House of Representatives, Tajudeen Abbas, has said the 2024 budget proposal would be passed on December 30, 2023.
The lawmaker representing Zaria Federal Constituency stated this on the floor of the Green Chamber at the resumption of plenary on Tuesday.
This is just as he notified Committee Chairmen that the Appropriation Committee has directed them to prepare reports of the budget defence by the various Ministries, Departments and Agencies for submission latest by 8 pm on Tuesday, the 19th day of December 2023.
The 2024 Appropriation Bill was presented to the National Assembly by President Bola Ahmed Tinubu on November 29, 2023. President Tinubu introduced a proposed budget of N27.5 trillion for the fiscal year 2024.
The president themed the 2024 budget as the “Budget of Renewed Hope,” aiming to achieve economic growth, stability, improved investment environment, human capital development, poverty reduction, and enhanced social security.
A breakdown of the critical allocations in the 2024 budget revealed allocations for different sectors:
Education: N2.18 Trillion (7.9% of Budget)
– N1.23 trillion provisioned for the Federal Ministry of Education and its agencies (Recurrent & Capital expenditure)
– N251.47 billion allocated to the Universal Basic Education Commission (UBEC)
– N700.0 billion earmarked 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 allocated for the Federal Ministry of Health and its agencies (Recurrent & Capital expenditure)
– N137.21 billion set aside 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)
– Includes 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 breakdown also underlined the importance of each sector’s allocations in the 2024 budget plan, aiming to enhance various facets of national development and welfare.
