Senate Unveils 2024 Budget Sectoral Allocations Amidst Controversy

In the wake of the controversy surrounding President Bola Ahmed Tinubu’s budget presentation, the Senate has disclosed the sectoral allocations of the N27.5 trillion budget for the 2024 fiscal year.

Lawmakers were only provided with copies of the president’s speech during the budget debate, prompting concerns and calls for the suspension of consideration until a detailed breakdown was provided.

Despite the lack of detailed estimates, the proposal passed the second reading in both chambers. The Senate Appropriations Committee has now released highlights, revealing key allocations within the budget.

The capital component of N8.7 trillion sees the Ministry of Works receiving N521.3 billion, followed by the Ministry of Finance with N519.9 billion, and the Ministry of Defence allocated N308.2 billion.

Other notable allocations include N304.4 billion for the Federal Ministry of Health and Social Welfare, N265.4 billion for the Ministry of Education, and N264.2 billion for the Ministry of Power. Government-owned Enterprises receive N820.9 billion, TETFund N665 billion, Housing and Urban Development N96.9 billion, Water Resources N87.7 billion, and Police Affairs N69 billion.

Statutory transfers include N198 billion for the National Assembly, N324.8 billion for the Niger Delta Development Commission, N251.4 billion for Universal Basic Education, N165 billion for the National Judicial Council, N126 billion for the North East Development Commission, and N125.7 billion for the Basic Health Care Provision Fund.

Capital supplementation features N100 billion for Zonal Intervention (constituency projects), N108 billion for Special Projects, N200 billion for Contingency (capital), N685.6 billion for Aid and Grants funded projects, and N100 billion for the National Social Investment Programme Agency.

As the budget details emerge, scrutiny and discussions are expected to ensue, addressing concerns raised during its presentation.