Ministry of Petroleum to spend 86% of their 2024 budget on personnel, overheads

Over 86 percent of 2024 budgetary allocation for the Federal Ministry of Petroleum Resources would be spent on personnel and overhead costs.

Vanguard’s findings in the details of the 2024 Appropriation Bill have shown that the Petroleum Resources Ministry was allocated N44.172 billion with capital expenditure receiving just N5.872 billion or 13.29 percent of the total budget.

The ministry has only two agencies, the Petroleum Training Institute, Warri and the Nigerian Nuclear Regulatory Authority, listed under it with the budgets of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, not captured in the Federal Budget.

A further breakdown showed that while the Ministry’s head office was allocated the sum of N9.64 billion, capital expenditure allocation amounted to N5.39 billion with personnel and over head cost accounting for N4.25 billion.

The Petroleum Training Institute was allocated N18.76 billion with personnel and over head cost taking the lion share of N18.5 billion and N245.9 million allocated for capital projects.

The Nigerian Nuclear Regulatory Authority was allocated the total sum of N15.77 billion with capital expenditure accounting for just N228.36 million and the majority of the allocation N15.5 billion going to personnel and over head cost.