Federal Budget Prioritizes Key Sectors for 2024

New federal budget plans indicate N6.75 trillion will fund major areas including defense/security, education and infrastructure next year. Briefing on projections, the Minister of Budget disclosed targeted spending and income sources totaling N27.5 trillion with N10.4 trillion expected from taxation and other means.

Education will receive 101.85% more funding at N2.18 trillion. Defense/security gains 46.39% to N3.25 trillion while health rises 23.15% to N1.33 trillion based on provided figures. Infrastructure will see N1.32 trillion for power, transport and other works.

Private sector participation was cited for lower provisions after directives to attract domestic and foreign investors. Social investments are allocated N534 billion. Non-debt recurrent spending stands at N10.26 trillion and debt servicing N8.25 trillion with capital expenditures at N8.70 trillion.

Insights on 2023 performance showed N8.65 trillion revenue by September including N1.42 trillion from oil and N2.5 trillion non-tax income. Estimated total spending is N24.82 trillion though actual is N13.7 trillion to date. Further details were provided on revenue sources and targeted allocations across priority sectors.

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