Senate Releases Sectoral Allocations Of N27.5 Trillion 2024 Budget

The Nigerian Senate has disclosed the sectoral allocations for the 2024 fiscal year’s N27.5 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 N8.7 trillion capital component of the 2024 budget.

The Ministry of Works gets N521.3 billion, followed by the Ministry of Finance with N519.9 billion while N308.2 billion was allocated to the Ministry of Defence.

The Federal Ministry of Health and Social Welfare earmarked N304.4 billion while N265.4 billion was proposed for capital projects in the Ministry of Education.

Others are the Ministry of Power N264.2 billion, Government-owned Enterprises N820.9 billion, TETFund N665 billion Housing and Urban Development N96.9 billion, Water Resources N87.7 billion, and Police Affairs N69 billion.

The National Assembly under statutory transfers gets N198 billion, Niger Delta Development Commission N324.8 billion, Universal Basic Education N251.4 billion, National Judicial Council N165 billion, North East Development Commission N126 billion, and Basic Health Care Provision Fund N125.7 billion.

Under Capital Supplementation, Zonal Intervention otherwise called constituency projects for federal lawmakers gets N100 billion, Special Projects N108 billion, Contingency (capital) N200 billion, Aid and Grants funded projects N685.6billion, and National Social Investment Programme Agency N100 billion.