President Bola Tinubu is scheduled to present the 2024 fiscal year budget estimates, totaling N26 trillion, on Wednesday, November 29. As per legislative tradition, the budget will be laid before a joint session of the National Assembly, with President Tinubu accompanied by key members of the Federal Executive Council, including the Minister of Finance and Budget Planning.
According to details from the 2024-2026 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP), personnel and pension costs are allocated N6.78 trillion, reflecting a 15% increase from 2023. This constitutes 40% of projected aggregate revenues for 2024. Statutory transfers include N112.84 billion for the Basic Health Care Provision Fund (BHCPF) and N116.06 billion for the North-East Development Commission (NEDC).
Additionally, N129.53 billion is designated for GAVI/Routine Immunization in service-wide votes. The capital expenditure in the 2024 budget is N6.77 trillion, comprising allocations for MDAs, capital supplementation, capital component of statutory transfers, Family Home Fund, capital budget of GOEs, donor/grant funded expenditures, and project-tied multilateral/bilateral loans.
The National Assembly recently passed the 2024-2026 MTEF/FSP and forwarded it to the President for approval. Speaker Tajudeen Abbas revealed plans for a Budget Town Hall meeting to involve citizens in the budgeting process, emphasizing transparency and public engagement.
Chief of Staff to the President, Femi Gbajabiamila, assured that the 2024 budget estimates would be promptly submitted to the National Assembly. Gbajabiamila underscored the importance of the House of Representatives in policy formulation and governance excellence, urging committees to perform effectively and transparently for the benefit of all Nigerians.
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