Tinubu Presents N27.5 Trillion Budget; Security, Health And Infrastructure Get Lion’s Share

President Bola Ahmed Tinubu on Wednesday presented a N27.5 trillion budget before the National Assembly, giving priority to security, health and infrastructure projects.

"The proposed budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security," said Minister of Budget and Economic Planning Abubakar Atiku Bagudu after the president introduced the 2024 budget, titled "Budget of Renewed Hope," Punch reported.

The minister noted that defense and internal security will be the top priority, adding that the internal security architecture will enhance law enforcement capabilities and protect lives across the country.

Defense and internal security will get N3.25 trillion, which is 46.39% more than the previous year.

"Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation," he added.

Bagudu noted that the Tinubu-led administration is hoping to grow Nigeria's economy by a minimum of 3.76% despite the inflation. Moreover, the federal government has set a conservative oil price benchmark of $77.96 per barrel and a daily production estimate of 1.78 million barrels.

"We have also adopted a Naira to US Dollar exchange rate of N750/$ for 2024," the minister added. "Accordingly, an aggregate expenditure of N27.5tn is proposed for the federal government in 2024, of which the non-debt recurrent expenditure is N9.92tn while debt service is projected to be N8.25tn and capital expenditure is N8.7tn."

The government has allocated N50 billion for the student loan scheme. The health sector will receive N1.33 trillion, which is 23.15% more than the previous year's budget, and N1.07 trillion from it will go for capital and recurrence of the Ministry of Health and its agencies.

A sum of N137.21 billion will be allocated for Gavi/immunization funds. Infrastructure, which includes projects for power, transport, water resources, aviation, works and housing sectors, will get N1.32 trillion.

"Equally on infrastructure spending, part of the instruction of Mr. President to the cabinet is that as he has done in Lagos, we have to bring in private sector investments into infrastructure," Bagudu said. "He has mandated all ministries to examine how to access investors who are willing to put money into infrastructure."

The minister pointed out that what the government can invest in the infrastructure is nothing compared to what the private sector can do.

"So, a number of roads and railways, airports, housing and a number of infrastructure projects will be considered. the government funding is to capitalize private investment," he added.