Bisola David
The Nigerian Economic Summit Group has raised an issue with President Bola Tinubu’s 2024 Budget Appropriations Bill’s N3.5 trillion allotment to the health and education sectors.
The Punch quoting NESG’s sectoral analysis of the budget reported that allocation to both sectors was significantly less than the global benchmarks of 15% (the 2001 Abuja Declaration) and 15%–20% (the United Nations Educational, Scientific, and Cultural Organization standards).
Tinubu made his first budget proposal since taking office six months ago last week when he addressed a joint session of the 10th National Assembly in Abuja with a N27.5 trillion 2024 budget.
The NESG Chairman, Niyi Yusuf, noted in the analysis that it was also crucial to remember that, with the exception of the education and health sectors, all sector allocations in the 2024 Appropriations Bill were less than what was allocated in the 2023 approved budget (which included the supplemental budget).
According to a breakdown of the budgetary expenditure estimates, the defence and security sector accounts for the largest portion of the total (12%), followed by education (7.9%), health (5%), infrastructure (5%), and social investment (2%).
“It’s also crucial to remember that, with the exception of the education and health sectors, all sector allocations in the 2024 Appropriations Bill were less than what was included in the approved budget for 2023 (including the supplemental budget).
“This is a positive development that emphasizes the enormous efforts made by the current administration to support health, education, and human capital development. However, the funding allotted to the health and education sectors falls well short of the international benchmarks, which stand at 15% (Abuja Declaration, 2001) and 15%–20% (UNESCO standards), respectively.”
