Femi Gbajabiamila, Chief of Staff to President Bola Ahmed Tinubu, is slated to receive N21 billion from the 2024 budget, as unveiled in a recent analysis of the N27.7 trillion budget presented by Tinubu.
In the budget named ‘Budget of Renewed Hope,’ the Chief of Staff’s office allocation sees a significant increase of 97.5 percent from N517.95 million in 2023. Additionally, the State House headquarters will receive N40.61 billion, with N9.1 billion earmarked for State House Operations (President) and N3.14 billion for State House Operations (Vice-President).
The budget also designates N260.5 billion for the office of the Chief Security Officer to the President, N1.13 billion for the State House Medical Centre, and N632.4 million for the State Lagos Liaison office.
A broader breakdown reveals that the Presidency will receive N272 billion, encompassing N176.92 billion for personnel costs, N34.22 billion for overhead costs, and N60.53 billion for capital expenditure, marking an 83.59 percent increase from the 2023 budget of N148.16 billion.
Beyond the Presidency, the education sector is allocated N2.18 trillion, the defence and security sector N3.25 trillion, while the Health and Infrastructure sectors are set to receive N2.66 trillion. N534 billion is earmarked for social development and poverty reduction, among other allocations.
Furthermore, the budget designates N8.490 trillion (30 percent) for debt servicing, N9.918 trillion for recurrent non-debt expenditure, and N7.717 trillion for contribution to the Development Fund for capital expenditure.
Key highlights of the budget include a Crude Oil Benchmark of 77.96 USD per barrel, oil production projected at 1.78 million bpd, and a foreign exchange rate (Naira-USD) of N750.
