The Defence and Security sectors have been allocated N2.98 trillion or 13.4% of the 2023 budget.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, stated this during a Public Presentation and Breakdown of the Approved Federal Government of Nigeria, 2023 Budget, on Wednesday in Abuja.
The amount, which includes the recurrent and capital expenditures, is provisioned for the military, police, intelligence and paramilitary, and are referred to as Critical Sectoral Allocations in the 2023 Budget.
The second largest allocation went to the Education sector with N1.79 trillion, which represents 8.2% of the budget for the Federal Ministry of Education and its agencies.
The amount includes recurrent and capital expenditure of N972.93 billion as well as N103.29 billion provisioned for the Universal Basic Education Commission (UBEC).
Furthermore, transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in tertiary institutions are N248.27 billion and N470 billion for Tertiary Education Revitalisation and Salary Enhancement.
Also, infrastructure was allocated N1.24 trillion, representing 5.7% of the budget, which includes provisions for works and housing, power, transport, water resources, and aviation sectors.
…the military, police, intelligence and paramilitary are referred to as Critical Sectoral Allocations in the 2023 Budget.
The Health sector, however, got N1.15 trillion, or 5.3% of the budget with N1.02 trillion provisioned for the Ministry of Health and its agencies.
The amount includes recurrent and capital expenditure, and Hazard Allowance.
Also, the sum of N76.99 billion was allocated to Gavi/Immunisation funds, including counterpart funding for Donor Supported Programmes, and Global Fund.
Moreover, N51.64 billion was allocated as transfer to Basic Health Care Provision Fund (BHCPF).
Furthermore, Social Development and Poverty Reduction Programmes were allocated N809.32 billion or 3.7% of the budget.
However, an aggregate sum of N967.5 billion was provided for statutory transfers in the 2023 budget, representing an increase of N223.38 billion over the Executive Budget Proposal.
Meanwhile, the oil price benchmark is set at $75 per barrel.
However, assumptions on some of the parameters underlying the 2023 projections deviate from those in the National Development Plan (NDP) 2021 to 2025.
They have been updated based on a combination of current realities and a modified medium-term outlook.
Also, growth is expected to moderate to 3.30% in 2024 and expected to pick up to 3.46% in 2025.
The inflation rate is projected to be an average of 17.16% in 2023, against the 14.93% projected in the NDP. (NAN)
