2024 Budget: Senate releases allocation details

Lekan Sowande, Abuja

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The Senate Committee on Appropriation has released sectoral allocation details of the N27.5 trillion 2024 Budget

In the proposed allocations, the Ministry of Works gets N521.3 billion, followed by the Federal Ministry of Finance with N519.9 billion, while N308.2 billion is earmarked for Ministry of Defence.

Similarly, the Federal Ministry of Health and Social Welfare gets N304.4 billion while the Ministry of Education gets N265.4 billion.

Others are, the 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 and Police Affairs N69 billion.

The National Assembly under statutory transfers, gets 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 and Basic Health Care Provision Fund N125.7 billion.

Under Capital Supplementation, Zonal Intervention otherwise called constituency projects for federal lawmakers , gets N100 billion, Special Projects N108 billion, Contingency (capital) N200 billion, Aid and Grants funded projects, N685.6 billion, National Social Investment Programme Agency  N100billion etc.

President Bola Ahmed Tinubu had on Wednesday presented a record N27.5 trillion as the proposed budget for 2024, before a joint session of the Senate and House of Representatives and asked the lawmakers to expedite the consideration of the budget and ensure that the appropriation bill is passed before January.

The President said the proposed 2024 budget will ensure micro-economic stability, poverty reduction, and greater access to social security.

He highlighted priority areas such as security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security.