In a notable development, the federal and state governments have unveiled their 2024 budgets, allocating a staggering N17.04 trillion for recurrent expenditure.
Despite mounting concerns about the rising recurrent costs, both tiers of government are forging ahead with substantial allocations for non-capital spending.
The federal government, accounting for a significant portion, plans to spend N8.27 trillion on salaries, subsidy transfers, and other non-capital expenses.
Simultaneously, the states have set aside N8.77 trillion for their recurrent expenditure, raising questions about productivity and GDP contribution.
Within the comprehensive N44.93 trillion 2024 annual budget for both tiers of government, a noteworthy N17.38 trillion is designated for capital projects.
Analysts Data Services and Resources’ findings indicate that the states collectively have a budget of N16.15 trillion, with N8.77 trillion earmarked for recurrent expenditure.
Breaking down the federal government’s N28.78 trillion appropriation, N8.27 trillion is allocated for recurrent expenditure transfers and other non-capital spending.
Additionally, N1.74 trillion is earmarked for statutory transfers, demonstrating the commitment to certain government institutions enabled by law.
Concerns persist over states with escalating recurrent expenditures, notably Lagos, Akwa Ibom, Rivers, Delta, and Ogun, boasting the highest budgets in 2024.
These states face scrutiny due to their lower levels of productivity and GDP contribution.
Noteworthy state budgets include Lagos at N2.26 trillion, Akwa Ibom at N845.63 billion, Rivers at N800.39 billion, Delta at N724.98 billion, and Ogun at N703 billion.
Conversely, Yobe, Gombe, Ebonyi, Nasarawa, Ekiti, and Benue hold the lowest annual budgets, ranging from N159.57 billion to N225.70 billion.
As the fiscal year unfolds, stakeholders closely monitor how these budget allocations will impact economic growth and development across the country.
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