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Home Business News

2021 Budget: Education and Health sectors to gulp N1.76 trillion

Chidi Emenike by Chidi Emenike
October 19, 2020
in Business News
SERAP asks Buhari to probe N39.5 billion duplicated, mysterious projects

SERAP asks Buhari to probe N39.5 billion duplicated, mysterious projects

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A total sum of N1.76 trillion has been allocated to the Health and Educational sectors in the 2021 budget, indicating a 56.3% increase from the N1.13 trillion allocated in the 2020 budget. The breakdown of the allocation in the 2021 budget includes the total sums of N1.13 trillion allocated to the Education sector and N632.7 billion allocated to the Health sector.

This is according to a verified tweet by the official handle of the Ministry of Finance, Budget and National Planning.

Key spending on Health & Education Sectors in the #FGNBudget2021.

It is important to note that States/Local Governments [subnationals] also spend. To know what Nigeria spends in total on these sectors, one needs to aggregate all 36 states and FCT spends,not just the FGN Budget. pic.twitter.com/42lN7bvuE9

— Federal Ministry of Finance (@FinMinNigeria) October 19, 2020

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The total sum of N1.13 trillion allocated to the Education sector in 2021 is 64.5% higher than the N686.8 billion allocated to the sector in the 2020 budget. Similarly, the N632.7 billion allocation to the Health sector in 2021 is up by 43.5% compared to the N441.0 billion for the sector in 2020.

Backstory

Nairametrics had earlier reported key highlights of the 2021 budget tagged “Budget of Economic Recovery and Resilience” which indicated an increase of 27% from its 2020 figures.

Education

  • Of the N1.13 trillion allocated to education in the 2021 budget, N742.52 billion is meant for the Recurrent and Capital Expenditure of the Federal Ministry of Education and its agencies.
  • N70.05 billion is budgeted for the provision of Universal Basic Education (UBEC).
  • N318 billion is budgeted for the provisions of infrastructure in tertiary institutions through TETFUND.

Health

  • Of the N632.7 billion budgeted for the Health sector, the Federal Ministry of Health got the lion share for Recurrent and Capital Expenditure at N546.98 billion.
  • Gavi/immunization funds were allocated N45.19 billion
  • Transfer to Basic Healthcare Provision Fund (BHCPF) at N35.03 billion and N5.5 billion counterpart funding for donor-supported programmes, which includes Global Fund

Why this matters

The importance of the Education and Health sectors to overall national development cannot be overemphasized. In lieu of this, many analysts and policymakers have continuously advocated for increased funding in both sectors.

The ravaging effect of the pandemic exposed a lot of vulnerabilities and funding gaps in the aforementioned sectors; therefore, the increase in the sectoral allocations will boost both key sectors. However, there is still room for development as the UNESCO 26% threshold for funding in the educational sector is yet to be met.


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Tags: 2021 Budget
Chidi Emenike

Chidi Emenike

Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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