Three Nigerian ministries will next year spend N9.4 trillion on costs of running their operations, if the 2024 appropriation bill receives legislative approval.
The three ministries are finance, budget & economic planning as well as industry, trade & investment.
The estimated amount is 27.5 per cent or N2.02 trillion higher than 2023 figure, an amount almost six-and-a half times the cost of building the Lagos-Ibadan Expressway, whose reconstruction was completed this year at N311.4 billion.
It also implies that the sum is capable of constructing about 823.8-kilometre stretch of road of that standard, quality and size, all things being equal.
The increase in the overhead expenses is part of the cost pressures that are set to add N7.83 trillion in fresh borrowing to a pile of debt, already at N87.9 trillion at the end of September according to Debt Management Office data.
The Federal Ministry of Finance alone will expend N8.5 trillion on overheads, 15.8 per cent more than the N7.34 trillion budgeted for it a year ago when the ministry and the Federal Ministry of Finance, Budget and Economic Planning were combined into one.
Meanwhile, the Federal Ministry of Industry, Trade & Investment is ramping up its spending plan on overheads by as much as 40 per cent from N2.4 billion to N3.2 billion.
Both the finance and budget & economic planning ministries together plan to increase running costs by 27.5 per cent to N9.4 trillion from N7.3 trillion.
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