The Nigerian Economic Summit Group ,NESG, has raised concerns regarding President Bola Ahmed Tinubu’s 2024 budget, particularly highlighting shortcomings in the allocations for the health and education sectors.
In a detailed sectoral analysis released on Thursday, the NESG expressed reservations about the N3.5 trillion allocation designated for health and education.
This critique follows Tinubu’s presentation of a N27.5 trillion budget to the National Assembly a week ago.
The breakdown of the ‘Renewed Hope’ budget revealed a stark disproportion, with security and defence receiving N6.75 trillion—twice the amount allocated to education and health combined.
NESG Chairman, Niyi Yusuf, emphasized that the allocations to the health and education sectors in the 2024 Appropriation Bill were notably lower than the corresponding levels in the 2023 approved budget.
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He pointed out that these budget allocations significantly fell short of the globally recommended benchmarks.
“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,” Yusuf stated.
NESG’s scrutiny underscores the importance of aligning budget allocations with international standards to adequately address critical sectors like health and education, essential for national development.
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