The Nigerian Economic Summit Group (NESG) has raised concerns over the allocation of N3.5tn to the health and education sectors in the 2024 Budget appropriation Bill recently presented to the National Assembly by President Bola Tinubu.
In its sectoral analysis of the budget, NESG argued that the budgetary allocation to both sectors fell below global benchmarks, with the health sector allocation standing at five per cent and the education sector at 7.9 per cent.
NESG Chairman, Niyi Yusuf, noted that the allocations to these critical sectors are notably below the recommended global benchmarks of 15 per cent (2001 Abuja Declaration) for health and 15-20 per cent (United Nations Educational, Scientific and Cultural Organization standards) for education.
While highlighting the lower allocations across sectors in the 2024 Appropriation Bill compared to the 2023 approved budget, Yusuf commended the government’s efforts in promoting human capital development in education and health.
According to the breakdown of budgetary expenditure estimates, the defence and security sector received the largest share at 12 per cent, followed by education (7.9 per cent), health (five per cent), infrastructure (five per cent), and social investment (two per cent).
The NESG emphasized that despite the positive strides in human capital development, the overall allocations to health and education sectors remain insufficient to meet international standards and adequately address the pressing needs of these critical areas.
