Budget 2024: Operating costs of ministries of finance, budget and trade to increase by N2 trillion

Three Nigerian ministries will following year spend N9.4 thousand billion on costs of running their the operations, if THE 2024 appropriation Invoice receives legislative approval.

THE three ministries are finance, budget & economic planning as GOOD as industry, trade & investment.

THE estimated Rising East 27.5 by hundred Or N2.02 thousand billion upper that 2023 figure, A Rising almost six and one half times THE cost of building THE Lagos-Ibadan Expressway, of which reconstruction was completed This year has N311.4 billion.

He Also implied that THE sum East able of construction about 823.8 kilometers stretchable of road of that standard, quality And size, all things be equal.

THE increase In THE air expenses East part of THE cost pressures that are together has add N7.83 thousand billion In costs loan has A stack of debt, Already has N87.9 thousand billion has THE END of September according to has Debt Management Desk data.

THE Federal Ministry of Finance alone will spend N8.5 thousand billion on overhead costs, 15.8 by hundred more that THE N7.34 thousand billion budgeted For he A year There is When THE ministry And THE Federal Ministry of Finance, Budget And Economic Planning were combined In one.

In the meantime, THE Federal Ministry of Industry, Trade & Investment East ramp up It is expenses plan on overhead by as a lot as 40 by hundred Since N2.4 billion has N3.2 billion.

Both THE finance And budget & economic planning ministries together plan has increase running costs by 27.5 by hundred has N9.4 thousand billion Since N7.3 trillion.

THE combined air costs of THE three ministries alone accounts For 94 by hundred of all THE ministries, departments And parapublic organizations In Nigeria In 2024 And exceeds THE the nation entire capital spent by N660 billion Or 7.6 by hundred, indicating THE Governments lack of commitment has to prioritize capital projects.

President Bolas Tinubu expectations through THE "Budget of Renewed Hope" appear uncertain, considering that THE propose capital expenses has only has been increase by 3.2 by hundred even When income East projected has increase by 66.4 by hundred compared with has last year.

AGGREGATE spent For following year East N27.5 a thousand billion, with capital spent not up has a third of that.

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THE projection For capital expenses, has N8.7 a thousand billion, East only 3.2 by hundred upper that 2023, breeding questions on Governments commitment has using It is own funds has finance expansion of infrastructure.

"THE budget proposal meets OUR aim of to end critical Infrastructure projects which will help address of construction problems In THE economy," President Tinubu had said during her budget presentation has THE national assembly In THE last week of November.

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