A comprehensive breakdown of the 2024 Budget by Daily Post has emerged, showcasing substantial financial allocations and notable increases in various sectors.
While the figures provide insight into potential priorities, the report noted that the finalized budget could undergo revisions before implementation.
A detailed analysis revealed a marked surge in allocations compared to previous years, particularly in vital governmental offices and crucial sectors.
Notably, under President Bola Ahmed Tinubu’s administration, the office of the Chief of Staff could see a substantial increase, with a reported allocation of N21 billion, reflecting a staggering 97.5% rise from the previous year’s N517.95 million budget.
Further dissection of the proposed budget delineates significant allotments for various sectors within the Presidency.
The State House headquarters is slated to receive N40.61 billion, while specific operational divisions, such as those for the President and Vice-President, are earmarked with N9.1 billion and N3.14 billion, respectively.
Additional provisions highlight allocations such as N260.5 billion for the office of the Chief Security Officer to the President, N1.13 billion for the State House Medical Centre, and N632.4 million for the State Lagos Liaison office.
The broader outlook of the proposed budget signifies substantial financial injections into critical sectors. The Presidency is set to receive N272 billion, encompassing personnel costs of N176.92 billion, overhead costs of N34.22 billion, and N60.53 billion dedicated to capital expenditure.
This marks an 83.59% surge from the 2023 budget allocation of N148.16 billion.
Beyond the confines of the Presidency, key sectors are slated to receive significant financial support. The education sector gains N2.18 trillion, while the defence and security sector could see an allocation of N3.25 trillion.
Health, infrastructure, and poverty reduction programs are also set to receive substantial funding, amounting to N2.66 trillion and N534 billion, respectively.
Amid these allocations, the proposed budget allocates N8.490 trillion for debt servicing, representing 30% of the budget. Recurrent non-debt expenditure is budgeted at N9.918 trillion, with N7.717 trillion set aside for capital expenditure contributions to the Development Fund.
Key economic indicators outlined in the proposal include a Crude Oil Benchmark of 77.96 USD per barrel, oil production projected at 1.78 million bpd, and a foreign exchange rate of N750 for the Naira against the USD.
