The Nigerian Economic Summit Group has faulted the allocation of N3.5tn to health and education sectors in the 2024 Budget appropriation Bill presented to the National Assembly by the President, Bola Tinubu.
The NESG, in its sectoral analysis of the budget obtained by The PUNCH on Thursday, explained that the budget allocation to both sectors was far below the global benchmarks of 15 per cent (2001 Abuja Declaration) and 15- 20 per cent (United Nations Educational, Scientific and Cultural Organisation standards) respectively.
The PUNCH reported that Tinubu, last week, presented the N27.5tn 2024 budget proposal to a joint session of the 10th National Assembly in Abuja, his first since assuming office six months ago.
However, the Chairman of NESG, Niyi Yusuf, in the analysis, said it was also important to note that allocations across sectors, except the education and health sectors, were lower in the 2024 Appropriation Bill than their respective levels in the 2023 approved budget (including the supplementary budget).
He said, “A breakdown of the budgetary expenditure estimates showed that the defence and security sector have the largest share of the total (12 per cent), followed by sectors including education (7.9 per cent), health (five per cent), infrastructure (five per cent), and social investment (two per cent).
“It is also important to note that allocations across sectors except the education and health sectors were lower in the 2024 Appropriation Bill than their respective levels in the 2023 approved budget (including the supplementary budget).
“This is a welcome development as it highlights the giant strides of the current administration to promote human capital development education and health. Notwithstanding, the allocations to the health and education sectors are far below the global benchmarks of 15 per cent (2001 Abuja Declaration) and 15- 20 per cent (UNESCO standards), respectively.”
