HomeNewsBudget Surge: 39.66% Increase

Budget Surge: 39.66% Increase

The 2024 budget proposal reveals a substantial 39.66% increase in federal allocations to lawmakers, judges, the Independent National Electoral Commission (INEC), and other entities, totaling N1.38tn. The data, obtained from the Executive Budget Proposal breakdown and highlights, shows a notable rise in statutory transfers from N985.49bn in 2023 to N1.38tn in 2024.

Statutory transfers, constituting 13.45% of the total non-debt recurrent expenditure of N10.26tn for 2024, include allocations to crucial institutions mandated by law to receive funding first from the federation account. These institutions and their respective allocations are as follows:

  1. National Judicial Council: N165bn
  2. Niger-Delta Development Commission: N324.85bn
  3. Universal Basic Education Commission: N251.47bn
  4. National Assembly: N197.93bn
  5. Public Complaints Commission: N13.69bn
  6. Independent National Electoral Commission (INEC): N40bn
  7. National Human Rights Commission: N5bn
  8. North-East Development Commission: N126.94bn
  9. Basic Health Care Provision Fund: N125.74bn
  10. National Agency For Science And Engineering Infrastructure: N125.74bn

This allocation surpasses the budgets for health (N1.33tn) and infrastructure (N1.32tn) by 3.76% and 4.55%, respectively. Despite economic challenges and declining government revenues, the increase underscores the high cost of governance in the country.

The Minister of Finance and Budget Planning, Abubakar Bagudu, acknowledged the government’s concern about declining revenues and emphasized ongoing reviews of tax and fiscal policies to enhance revenue generation. The 2024 budget of N27.5tn focuses on defense, security, education, and infrastructure.

Civil society organizations (CSOs) expressed discontent with the increased allocations, considering the economic hardship in the country. They questioned the justification for such increases and emphasized the need for transparency, value for money, and prudent fiscal management.

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