President Bola Tinubu, Vice President Kashim Shettima, and their entourage will embark on international and domestic journeys in 2024, with an estimated cost of ₦15.961 billion.
The National Assembly is currently examining the 2024 Appropriation Bill, where the stated amount is detailed.
Africa Today News, New York, highlights that the country’s ₦27.5 trillion budget, named the ‘Budget of Renewed Hope,’ was formally presented to a combined session of the National Assembly last Wednesday.
As outlined in the budget details, ₦6.992 billion is allocated for the President’s foreign trips, while ₦638.535 million is set aside for local travels.
The Vice President’s allocated budget for international and local travels stands at ₦1.847 billion, according to the budget details.
According to the budget proposal, he will spend ₦1. 229bn on foreign trips and another ₦618.399m on local travels.
An allocation of ₦21 billion is earmarked for the Office of the Chief of Staff to the President, which indicates a 97.5 percent increase compared to the ₦517.95 million allocated in the 2023 budget for the same office.
The document discloses budget details, with ₦40.61 billion allocated to the State House headquarters, ₦9.1 billion for State House Operations of the President, and ₦3.14 billion for State House Operations pertaining to the Vice-President.
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Furthermore, the document details budget provisions, with ₦260.5 million allocated to the office of the Chief Security Officer to the President, ₦1.13 billion earmarked for the State House Medical Centre, and ₦632.4 million designated for the State Lagos Liaison office.
President Tinubu, in his budget presentation last week, said the budget’s objective—wrapping up crucial infrastructure projects to tackle structural economic issues, ultimately reducing business costs and the cost of living for the average Nigerian.
President Tinubu highlighted that the proposed budget is designed to pursue economic growth generating employment opportunities, maintain macro-economic stability, create a favorable investment atmosphere, foster human capital development, and focus on poverty reduction and expanded access to social security.
He stated, ‘Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.’
‘Human capital is the most critical resource for national development. Accordingly, the budget prioritises human development with particular attention to children, the foundation of our nation.’
In the proposed allocations, the Ministry of Works gets N521.3bn, followed by the Federal Ministry of Finance with N519.9bn, while N308 2bn is earmarked for the Ministry of Defence.
Similarly, the Ministry of Health and Social Welfare gets N304.4bn while the Ministry of Education gets N265.4bn.
Others are the Ministry of Power N264.2bn; Government-owned enterprises N820.9bn; TETFund N665bn; Housing and Urban Development N96.9bn; Water Resources N87.7bn and Police Affairs N69bn.
The National Assembly, under statutory transfers gets N198billion , Niger Delta Development Commission N324.8billion, Universal Basic Education N251.4billion., National Judicial Council N165bn, North East Development Commission N126billion and Basic Health Care Provision Fund N125.7bn.
The amount allocated to the Presidency has surged by 83.58 percent, reaching N272 billion, a notable increase from the N148.16 billion in the 2023 budget.
The allocation to the Presidency amounts to N272 billion, delineated into N176.92 billion for personnel costs, N34.22 billion for overhead costs, and N60.53 billion earmarked for capital expenditure.
The current budget allocation of N272 billion for the Presidency registers an 83.59 percent increase from the N148.16 billion budgeted in 2023.