2024 Budget: Ministries of Works, Finance, and Defence Allocated N1.35 Trillion for Capital Projects

• The Senate reveals sectoral allocations in the N27.5 trillion 2024 budget, with top allocations to Ministries of Works, Finance, and Defence
• Highlights include allocations to Health, Education, Power, Government-owned Enterprises, TETFund, and various statutory transfers to agencies and commissions

The Senate has disclosed the sectoral allocations of the N27.5 trillion budget for the 2024 fiscal year. Despite concerns raised by lawmakers over the non-availability of detailed budget breakdowns, the Senate Appropriations Committee released some highlights, particularly focusing on the sectoral allocations.

For the N8.7 trillion capital component of the budget, the Ministries of Works, Finance, and Defence received the highest allocations:

• Ministry of Works: N521.3 billion
• Ministry of Finance: N519.9 billion
• Ministry of Defence: N308.2 billion

Other allocations include:

• Federal Ministry of Health and Social Welfare: N304.4 billion
• Ministry of Education: N265.4 billion
• Ministry of Power: N264.2 billion
• Government-owned Enterprises: N820.9 billion
• TETFund: N665 billion
• Housing and Urban Development: N96.9 billion
• Water Resources: N87.7 billion
• Police Affairs: N69 billion

Statutory transfers include allocations to various agencies and commissions:

• National Assembly: N198 billion
• Niger Delta Development Commission: N324.8 billion
• Universal Basic Education: N251.4 billion
• National Judicial Council: N165 billion
• North East Development Commission: N126 billion
• Basic Health Care Provision Fund: N125.7 billion

Additional allocations cover various categories such as Capital Supplementation, Zonal Intervention (constituency projects for federal lawmakers), Special Projects, Contingency (capital), Aid and Grants funded projects, and the National Social Investment Programme Agency. The breakdown includes N100 billion for Zonal Intervention, N108 billion for Special Projects, N200 billion for Contingency (capital), and N685.6 billion for Aid and Grants funded projects, among others.