Last week, President Bola Tinubu presented a robust budget proposal for year 2024, amounting into trillions of naira. The proposed budget, designed to sustain economic stability, slash deficits, and amplify capital spending, has sparked nationwide conversations about Nigeria’s financial trajectory.
A closer look at the budget document unveils a staggering N24.07 trillion allocation, with 86.3 percent, equivalent to N20.7 trillion, earmarked for ten pivotal ministries. These include Finance, Defence, Education, Health, Police Affairs, Works and Housing, Interior, Agriculture, and Niger Delta.
This substantial allocation provides insights into the government’s focal points for the year ahead. The 2024 budget blueprint delineates spending plans for 55 Ministries, Departments, and Agencies (MDAs), allocating N7.87 trillion for federal civil servants’ personnel expenses, covering salaries, pensions, and gratuities.
Breaking down the allocation for the top 10 ministries reveals a strategic distribution of resources:
1. Federal Ministry of Finance
Securing the highest allocation at N9.33 trillion, the Ministry of Finance aims to bolster its capacity with plans to allocate N20.95 billion for personnel costs, N8.49 trillion for overhead expenses, and N808.92 billion for capital expenditure.
2. Ministry of Budget and Economic Planning
With a budget of N4.45 trillion, the ministry focuses on personnel (N1.71 trillion), overhead costs (N858.96 billion), and capital expenditure (N1.88 trillion).
3. Ministry of Defence
As the backbone of the Armed Forces, the Ministry of Defence is allocated N1.58 trillion, allocating N1.15 trillion for personnel, N116.54 billion for overhead, and N308.24 billion for capital expenditure.
4. Ministry of Education
Pursuing its mission to develop citizens to their full potential, the Ministry of Education plans to spend N1.44 trillion, allocating N1.04 trillion for personnel, N72.12 billion for overhead, and N330.36 billion for capital expenditure.
5. Ministry of Health and Social Welfare
Under the leadership of Muhammad Ali Pate, the ministry allocates N1.23 trillion, with N771.56 billion for personnel, N21.76 billion for overhead, and N434.79 billion for capital expenditure.
6. Ministry of Police Affairs
Proposing N938.74 billion for the fiscal year, the ministry allocates N806.72 billion for personnel, N62.39 billion for overhead, and N69.62 billion for capital expenditure.
7. Ministry of Works
Led by Dave Umahi, the Ministry of Works proposes a budget of N657.23 billion, with a significant focus on capital expenditure at N612.85 billion, along with N16.68 billion for personnel expenses and N22.69 billion for overhead.
8. Ministry of Interior
Allocated N461.99 billion, the Ministry of Interior designates N321.33 billion for personnel expenses, N41.22 billion for overhead, and N99.45 billion for capital expenditure.
9. Ministry of Agriculture and Food Security
Under Abubakar Kyari’s leadership, the ministry is allocated N362.94 billion, allocating N102.09 billion for personnel, N8.15 billion for overhead, and N252.69 billion for capital expenditures.
10. Ministry of Niger Delta
Focusing on infrastructural development and environmental protection, the ministry allocates N346.12 billion, with N326.89 billion for personnel, N1.17 billion for overhead, and N18.07 billion for capital expenditures.