New Telegraph

February 26, 2024

Gbajabiamila To Get N21bn Allocation From 2024 Budget

Femi Gbajabiamila, the Chief Of Staff to President Bola Tinubu will get N21 billion from the 2024 budget estimate presented to the joint session of the National Assembly last month.

New Telegraph had last week reported that President Tinubu presented a budget of N27.50 trillion for the 2024 fiscal year to the National Assembly.

A breakdown of the proposed N27.7 trillion budget christened ‘Budget of Renewed Hope’, showed that the figure allocated for the office of the Chief of Staff is a 97.5 per cent increase from the N517.95 million in 2023.

A further breakdown of the proposed budgetary allocations shows that the reconstruction and repair of the CoS’s official residence is to get N10 billion.

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Other allocations showed that the State House headquarters will get N40.61 billion, State House Operations (President) N9.1 billion, and State House Operations (Vice-President) N3.14 billion.

Also, N260.5 billion was provided for the office of the Chief Security Officer to the President, the State House Medical Centre got N1.13 billion, while the State Lagos Liaison office got N632.4 million.

A broader breakdown indicated that the Presidency will get N272 billion, comprising N176.92 billion as personnel costs, N34.22 billion as overhead costs, and N60.53 billion as capital expenditure.

This is an 83.59 per cent increase from the N148.16 billion budgeted for the Presidency in 2023.

Meanwhile, outside the Presidency, the education sector will get N2.18 trillion, the defence and security sector will get N3.25 trillion, the Health and Infrastructure sectors will get N2.66 trillion, and N534 billion for social development and poverty reduction, among other allocations.

Also, N8.490 trillion, representing 30 per cent, is for debt servicing, N9.918 trillion is for recurrent non-debt expenditure, and N7.717 trillion is for contribution to the Development Fund for capital expenditure.

Other highlights include a Crude Oil Benchmark of 77.96 USD per barrel, oil production of 1.78 million bpd, and a foreign exchange rate (Naira-USD) of N750.

Other highlights include a Crude Oil Benchmark of 77.96 USD per barrel, oil production of 1.78 million bpd, and a foreign exchange rate (Naira-USD) of N750.

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