The Nigerian Economic Summit Group (NESG) has raised concerns regarding the 2024 budget proposed by President Bola Ahmed Tinubu, shedding light on potential shortcomings within the budgetary allocations.
In a detailed sectoral analysis released on Thursday, the NESG criticized the allocation of 3.5 trillion to the health and education sectors, highlighting areas of disparity and concern in the proposed budget. President Tinubu had presented a N27.5 trillion budget to the National Assembly a week ago, under the theme ‘Renewed Hope’.
Of particular concern was the disproportionate allocation between the security and defence sector, which received a staggering N6.75 trillion, compared to the notably lower allocations for education and health. The analysis emphasized that these allocations are not in alignment with global benchmarks and standards.
Niyi Yusuf, Chairman of NESG, pointed out that the budgetary allocations for health and education in the 2024 Appropriation Bill were lower than their respective levels in the 2023 approved budget. He further highlighted that these allocations fall significantly below established global benchmarks.
Yusuf remarked, “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.”
The NESG’s scrutiny of the budget serves as a pivotal reminder of the importance of aligning budgetary allocations with international standards and best practices in crucial sectors such as health and education. This critical analysis underscores the need for a more balanced and strategic allocation of resources to address the pressing needs of the Nigerian populace.
As the nation anticipates the deliberations and potential revisions of the budget in the National Assembly, the insights provided by the NESG carry significant weight in shaping the discourse surrounding the 2024 budget.
