In a compelling revelation, it has come to light that Femi Gbajabiamila, Chief of Staff to President Bola Ahmed Tinubu, is set to receive a staggering allocation of N21 billion from the 2024 budget. This remarkable disclosure emerged from a comprehensive analysis of the N27.7 trillion budget document, unveiled by President Tinubu only last week.
The 2024 budget, aptly named ‘Budget of Renewed Hope’, prominently features a noteworthy 97.5% increase, compared to the N517.95 million allocation in 2023, for the office of the Chief of Staff. Further scrutiny of the budget reveals other striking allocations, with the State House headquarters earmarked to receive N40.61 billion. Notably, the State House Operations (President) is allocated N9.1 billion, while the State House Operations (Vice-President) is slotted to receive N3.14 billion.
In a similar vein, a substantial N260.5 billion has been set aside for the office of the Chief Security Officer to the President, signifying a resolute commitment to bolstering security measures. Moreover, the State House Medical Centre has been apportioned N1.13 billion, underpinning a concerted effort to prioritize healthcare infrastructure. Meanwhile, the State Lagos Liaison office is slated to receive N632.4 million.
A comprehensive breakdown elucidates that the Presidency is poised to secure N272 billion, encompassing N176.92 billion for personnel costs, N34.22 billion for overhead costs, and N60.53 billion for capital expenditure. This magnitude of allocation highlights an 83.59% surge from the N148.16 billion designated for the Presidency in 2023.
Beyond the confines of the Presidency, the budget allocates a colossal N2.18 trillion to the education sector, signifying an unwavering commitment to nurturing the nation’s future. Additionally, the defence and security sector will receive a substantial allocation of N3.25 trillion, cementing the government’s dedication to fortifying national security. Notably, the budget further earmarks N2.66 trillion for the Health and Infrastructure sectors, along with N534 billion for social development and poverty reduction, underscoring the diverse array of developmental imperatives being addressed.
Delving into fiscal priorities, the budget designates a significant N8.490 trillion, constituting 30% of the budget, for debt servicing. Furthermore, a staggering N9.918 trillion is allocated for recurrent non-debt expenditure, while N7.717 trillion is committed to the Development Fund for capital expenditure, outlining a strategic approach to financial management and infrastructure development.
Noteworthy highlights encompass a Crude Oil Benchmark of 77.96 USD per barrel, alongside an oil production target of 1.78 million bpd. The foreign exchange rate (Naira-USD) has been set at N750, reflecting a prudent and forward-looking approach to economic planning in a dynamic global context.
In light of these revelations, the 2024 budget stands as a testament to President Tinubu’s vision and strategic policy direction, articulating a bold agenda for national advancement and progress. The proactive allocation of resources across various sectors signifies a concerted effort to bolster economic resilience, fortify national security, and nurture social development, underscoring a resolute commitment to steering Nigeria towards a path of prosperity and growth.
