President Bola Tinubu’s recent proposal for the 2024 fiscal year has shed light on the allocation of trillions of naira to specific ministries, raising discussions on Nigeria’s financial priorities for the upcoming year.
The president outlined that the budget aims to maintain macroeconomic stability, reduce the deficit, and increase capital spending in line with the administration’s eight priority areas.
The proposed budget reveals that 10 ministries are slated to receive a collective sum of N20.7 trillion, constituting 86.3% of the total N24.07 trillion budget.
Among these are the Federal Ministry of Finance, Budget and Planning, Ministry of Defence, Ministry of Education, and the Ministry of Health.
Others include the ministry of police affairs, the ministry of works and housing, the ministry of interior, the ministry of agriculture, and the ministry of Niger Delta.
This substantial allocation offers insights into the government’s focal areas and objectives for the coming year. The 2024 budget proposal outlines spending plans for 55 MDAs, encompassing N7.87 trillion for federal civil servants’ personnel expenses, N9.97 trillion for overhead expenses, and N6.23 trillion for capital expenses.
Here’s a breakdown of the budget for the top 10 ministries with the highest allocations:
1. Federal Ministry of Finance:
– Allocation: N9.33 trillion
– Personnel: N20.95 billion
– Overhead: N8.49 trillion
– Capital Expenditure: N808.92 billion
2. Ministry of Budget and Economic Planning:
– Allocation: N4.45 trillion
– Personnel: N1.71 trillion
– Overhead: N858.96 billion
– Capital Expenditure: N1.88 trillion
3. Ministry of Defence:
– Allocation: N1.58 trillion
– Personnel: N1.15 trillion
– Overhead: N116.54 billion
– Capital Expenditure: N308.24 billion
4. Ministry of Education:
– Allocation: N1.44 trillion
– Personnel: N1.04 trillion
– Overhead: N72.12 billion
– Capital Expenditure: N330.36 billion
5. Ministry of Health and Social Welfare:
– Allocation: N1.23 trillion
– Personnel: N771.56 billion
– Overhead: N21.76 billion
– Capital Expenditure: N434.79 billion
6. Ministry of Police Affairs:
– Allocation: N938.74 billion
– Personnel: N806.72 billion
– Overhead: N62.39 billion
– Capital Expenditure: N69.62 billion
7. Ministry of Works:
– Allocation: N657.23 billion
– Personnel: N16.68 billion
– Overhead: N22.69 billion
– Capital Expenditure: N612.85 billion
8. Ministry of Interior:
– Allocation: N461.99 billion
– Personnel: N321.33 billion
– Overhead: N41.22 billion
– Capital Expenditure: N99.45 billion
9. Ministry of Agriculture and Food Security:
– Allocation: N362.94 billion
– Personnel: N102.09 billion
– Overhead: N8.15 billion
– Capital Expenditure: N252.69 billion
10. Ministry of Niger Delta:
– Allocation: N346.12 billion
– Personnel: N326.89 billion
– Overhead: N1.17 billion
– Capital Expenditure: N18.07 billion
Ada Peter
