The federal government says it will prioritise the health, defence, and education sectors in its spending in the 2024 fiscal year.

A summary of the 2024 budget was released on Thursday by Atiku Bagudu, the minister of national planning and budget.

The national parliament heard President Bola Tinubu’s N27.5 trillion budget plan for the fiscal year 2024 on Wednesday.

Tinubu said the budget would cement macroeconomic stability, reduce the deficit, and increase capital spending and allocation to reflect the eight priority areas of this administration.

Providing a breakdown of the budget, Bagudu said the allocations include provisions for various ministries and agencies within each sector.

He said the projected national revenue in 2024 is estimated at N18.32 trillion, marking a substantial 66 percent increase compared to the previous year’s budget.

The minister also said oil-related sources are expected to contribute N7.94 trillion (43.3 percent), while non-oil revenue is projected to contribute N10.39 trillion.

“The government aims to address fiscal challenges and the revenue inflows are influenced by various factors such as the exchange rate, higher oil

production projections, and the removal of subsidies,” Bagudu said.

“Recognising the global and domestic challenges faced by Nigeria, as well as increased fiscal risks resulting from weaker-than-expected economic performance and structural issues, the draft 2024 budget aims to address these challenges.

“The government intends to improve revenue generation by reviewing tax and fiscal policies, to increase the revenue-to-GDP ratio.

“Key strategies include enhancing tax administration and collection efficiency, implementing significant public finance management reforms, and stimulating the economy through regulatory and policy measures to boost domestic value-addition and attract external investment.

“The government also emphasizes prioritizing safety nets to protect vulnerable segments of the population.”

Bagudu said the early passage of the budget for implementation from January 1, 2024, is paramount and expected to contribute significantly to achieving macro-fiscal and sectoral objectives.

• Health, Education, Defence Sectors Get Bigger Share

With a crude oil benchmark price of $77.96 per barrel and an output of 1.8 million barrels per day, Bagudu said the budget focuses on critical sectors such as defense, healthcare, education, and infrastructure.

Speaking on sectoral allocations, the minister said N3.25 trillion has been allocated to the defence and security sector, representing 11.8 percent of the national budget.

Out of the N27.5 trillion, N1.32 trillion was earmarked for infrastructure projects, accounting for 4.83 percent of the budget.

Bagudu said the health sector got N1.33 trillion, equivalent to 4.8 percent of the federal government’s budget, while N2.18 trillion (7.9 percent) was given to the education sector.

A further breakdown of the budget for education showed that N1.27 trillion was allocated to the federal ministry of education, the Universal Basic Education Commission (UBEC) received N251.47 billion, while the Tertiary Education Trust fund (TETFUND) got N700 billion.

Lagos State Governor, Mr. Babajide Sanwo-Olu, has congratulated popular television presenter, Dr. Morayo Afolabi-Brown, on her appointment as the Managing Director of TVCe, the Entertainment Channel of TVC Communications.

He said the new role given to Afolabi-Brown, the host of the TVC’s breakfast programme, ‘Your View’ is well deserved.

Governor Sanwo-Olu in a statement issued on Thursday by his Chief Press Secretary, Mr. Gboyega Akosile, said Afolabi-Brown’s appointment as Managing Director of TVCe is inspirational to young media practitioners that they can get to the top position of their career with hardwork, commitment and discipline.

He said: “The appointment of Dr. Morayo Afolabi-Brown as the Managing Director of TVCe, the Entertainment Channel of TVC Communications, is deserving having distinguished herself at TVC Communications and the media industry for almost two decades.

“Morayo Afolabi-Brown is one of the most influential women presenters not only in Nigeria but Africa. She has been recognised as one of the top 25 most influential women in Journalism Africa (WIJA) 2020 where she ranked 18th on the list.

“I believe strongly that Morayo Afolabi-Brown’s new appointment is an inspiration to young media practitioners, particularly members of staff of TVC Communications, that they can get to the top of their career in the company if they put in a little more than is expected from them by their employers.

“Morayo Afolabi-Brown’s new role attests to her exceptional track record of achievements in TVC Communications as a former Deputy Director of Programmes TVC News, where she created content on three independent channels for broadcast. She has also made a lot of impact as a host in addressing basic issues in society through the TVC’s breakfast show ‘Your View,’ programme.

SIGNED

GBOYEGA AKOSILE

CHIEF PRESS SECRETARY

30 NOVEMBER 2023

The chairman of the National Drug Law Enforcement Agency (NDLEA), Buba Marwa, has asked new cadets not to “fraternise” with illicit drug offenders.

Marwa spoke on Thursday during the passing out ceremony of 2,500 cadets of senior officers basic course 16 at NDLEA academy, Jos, Plateau state.

The NDLEA boss said the agency will not tolerate “internal sabotage” in the war against substance abuse and illicit drug trafficking in the country.

Marwa, who was represented by Victoria Egbase, director, planning, research and statistics of NDLEA, said the agency cannot “decelerate” its efforts on the war against illicit drugs.

“We are currently on the verge of expanding our presence to all 774 local government areas in the country,” Marwa was quoted as saying in a statement by Femi Babafemi, NDLEA spokesperson.

“What that should tell our new officers is that there is work to do, and you cannot afford to be complacent or compromise the high standards we have set.

“On that note, let me also inform you that you must not fraternise with offenders of drug trafficking laws.

“Doing so is dangerous to your safety; it is catastrophic to your career; it sabotages organisational goals; and it is inimical to society’s wellbeing.

“Remembering this nugget of advice and abiding by it will ensure you a colourful and gratifying career.

“I must prepare your minds for the task ahead of you. The duties are such that there is no room for compromising the ethics of your profession or subverting the goals of the organisation.

“In our renewed campaign against illicit drugs, we are at a stage of ramped-up interdiction against cannabis, opioids, and other psychoactive substances.

“We cannot afford to decelerate our effort and we will not tolerate sabotage from within.”