President Bola Ahmed Tinubu has revealed that defence and education will be prioritized in 2024, with N6.75tn of its projected N27.5tn, News About Nigeria reports.
This was noted in the 2024 budget breakdown presented by the Minister of Budget and National Planning, Abubakar Bagudu, on Wednesday.
The president also allocated N6.48tn for personnel and pension, which is an increase of N576.16bn over the 2023 provision, while targeting to make N10.4tn from tax, dividends, and others.
While presenting the 2024 Appropriation Bill, themed ‘Budget of Renewed Hope,’ to the National Assembly on Wednesday, the president noted that the budget proposal would complete critical infrastructure projects.
According to him, this will help address structural problems in the economy and simultaneously reduce the costs of doing business for companies and the cost of living for the average Nigerian.
He also disclosed that the budget will help achieve job-rich economic growth, macro-economic stability, a better environment for investment, enhanced human capital development, reduce poverty, and grant higher access to social security.
Tinubu further revealed that the budget will also prioritize human development, paying special attention to children, who are the foundation of the country, maintaining that human capital remains the most critical resource for national development.
The education sector was allocated N2.18tn, which is a N1.08tn increase from its allocation in the 2023 appropriation.
According to the budget, 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.
Bagudu noted, however, that N50bn of the amount would be for the student loan scheme of the Federal Government.
