By Ken Afor
While those in the executive have continued to defend the N27.5 trillion 2024 Budget Proposal presented to the National Assembly by President Bola Tinubu, some stakeholders and experts have raised concerns after the announcement saying only 12.5% was allocated to health and educational sectors
Critics have deemed the allocation inadequate and have predicted that it will lead to a shortage of funds, making the already difficult living conditions for citizens even worse.
Critics have expressed strong disapproval towards the budget’s allotment for health and education, as they have stayed the same as in the past and do not provide enough funds for essential social sectors that profoundly affect people’s lives.
Despite the campaign pledge of Tinubu’s ‘Renewed Hope’ manifesto to donate 10% of the country’s funds to health care, only 4.9% was actually allocated, totaling N1.07 trillion.
Concerns have been raised about the insufficiency of the education sector’s 7.9 percent share in tackling urgent demands.
This allocation has been thoroughly analysed by experts, especially in response to the government’s financial initiatives like the abolition of petrol subsidies and the free-floating currency, which have caused an increase in the nation’s suffering level.
Kelvin Emmanuel, the Chief Executive Officer of Dairy Hills Limited, expressed his concern to The Guardian in regards to the 2024 budget, saying that 30% of it would be used for debt servicing and refinancing.
According to him, debt servicing consumed nearly 95% of the capital expenditure. Simultaneously, only 12.5 % of the allocation went to the two most vital sectors, such as education and health. This signifies that that the current government had no intention to affect any alteration.
“The government needs to work on changing the structure of Nigeria’s educational system from revamping curriculum to providing infrastructure, granting higher institutions financial autonomy that will facilitate the establishment of endowment funds.
“It is sobering and a serious threat to national security that Nigeria currently has one doctor to 10,000 people as against 2.5 per 1,000 recommended globally. And that an increasingly high turnover of medical personnel from Nigeria does not seem to bother this government,” Emmanuel said.
An expert, who chose to remain anonymous said: “Progressive governance means incremental progress. There are many competing sectors, all critical in their rights, that need to be funded.
“Let the states do their part because education and health are not on the Exclusive List. If we are placing the burden of N7 trillion on the neck of the masses, how much are the political class willing to bear?”
Tolulope Alayande, an Investment banker, pointed out that if the social sector were neglected in the quest to generate revenue and raise the GDP, it could have economically-disastrous consequences in the near future.
His words, “The social sector plays a crucial role in an economy by addressing social issues, promoting welfare and fostering inclusive development.
“It encompasses education, healthcare, social services and community development, contributing to a more equitable and resilient society. Additionally, a strong social sector can enhance human capital, improve productivity, and create a supportive environment for economic growth.”
Ande Mohammed, a retired banker, emphasised the need for comprehensive appraisals and combined social measures, advocating for community involvement and decisions based on facts to confront the consequences of an insufficient budget in essential areas.
In summary, stakeholders and experts put in strong demands for prompt action to make the social sector a priority, asking for steady and larger contributions to inspire inclusive progression, economic growth, and avert the severe problems that could result from insufficient financing of essential sectors.
