The defence and security sectors have been allocated N2.98 trillion or 13.4 per cent of the 2023 budget.

Zainab Ahmed, the Minister of Finance, Budget and National Planning, stated this during a public presentation and breakdown of the 2023 budget on Wednesday in Abuja.

The figure, which includes the recurrent and capital expenditures, is provisioned for the military, police, intelligence and paramilitary.

According to the budget, the allocations are “critical sectoral allocations.”

The second largest allocation went to the education sector, with N1.79 trillion, representing 8.2 per cent of the federal government budget. The amount provisioned for the Federal Ministry of Education and its agencies, including recurrent and capital expenditure, is N972.93 billion.

Also, the amount provisioned for Universal Basic Education Commission (UBEC) is N103.29 billion. Furthermore, transfers to the Tertiary Education Trust Fund (TETFUND) for infrastructure projects in tertiary institutions are N248.27 billion. The amount provisioned for Tertiary Education Revitalisation and Salary Enhancement is N470 billion.

Infrastructure was allocated N1.24 trillion, representing 5.7 per cent of the budget. This includes provisions for works and housing, power, transport, water resources and aviation sectors. 

The health sector got N1.15 trillion, representing 5.3 per cent of the budget. The amount provisioned for the Ministry of Health and its agencies is N1.02 trillion. The amount includes recurrent and capital expenditure and hazard allowance.

Also, N76.99 billion was allocated to Gavi/Immunisation funds, including counterpart funding for donor-supported programmes and Global Fund and N51.64 billion was allocated as a transfer to Basic Health Care Provision Fund (BHCPF).

The Social Development and Poverty Reduction Programmes were allocated N809.32 billion or 3.7 per cent of the budget. The amount was provisioned for Social Investments/Poverty Reduction Programmes. However, 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.

According to the approved budget, in its assumptions, 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 per cent in 2024 before picking up to 3.46 per cent in 2025.

The inflation rate is projected to be an average of 17.16 per cent in 2023, and 14.93 per cent projected in the NDP for 2023. 

(NAN)