Obaseki announced the "Budget of Home Run and Finishing Strong," which consists of N146 billion in recurrent spending and N178 billion in capital expenditures.
He said that the budget was somewhat more than the N321.4 billion allocated for 2023.
According to Obaseki, N303 billion in revenue was expected in total for 2024. This amount included N55 billion in statutory allocations, N38 billion in VAT, N40 billion in capital receipts, N72 billion in IGR, and N10 billion from grants.
He continued by saying that financial institutions and development funding would provide the remaining amount.
According to Obaseki, the budget's estimated revenue was based on a benchmark price of 65 dollars per barrel for crude oil, an average daily output of 1.6 million barrels, and an increase in IGR to N72 billion.
"A total of N85 billion, or 25% of the total budget, would go toward areas that promote employment and growth, and N62.8 billion, or 19%, would go into infrastructure, primarily roads.
The remaining ten percent (N33.6) are allotted to health, sixteen percent to other government initiatives, ten percent (32.2 billion) to education, seven percent (N21 billion) to construction, and five percent (N16 billion) to social welfare.
He added, "Two percent each was also allocated to youth, agriculture, electricity, and climate and environment issues."
After receiving the budget, Mr. Blessing Agbebaku, Speaker of the House, pledged to carefully review it to make sure it adhered to the pledge to boost the economy.
"The budget for 2024 holds special significance for the legislative branch, as it includes projects that will enable us to fulfill the desires and goals of our constituents," the speaker stated.
Agbebaku, however, asked all MDAs to send the required documentation to the house committees so that the budget could be passed quickly.