BudgIT has condemned a plan by the Nigerian government to concurrently implement four national budgets. Gabriel Okeowo, BudgIT’s Country Director disclosed this in a statement on Friday. Recall that the Senate resumed plenary on Thursday to extend the capital section of the 2023 supplementary budget......See Full Story>>.....See Full Story>>
The lawmakers said the budget is to run concurrently with the 2024 national budget.
The implication is the country is currently running three budgets the 2023 budget of N21.83 trillion signed by ex-president Muhammadu Buhari, the N2.17 trillion 2023 supplementary budget by President Bola Ahmed Tinubu, the N28.7 trillion 2024 budget, and an anticipated 2024 supplementary budget, thereby resulting in the simultaneous implementation of four budgets.
However, Okeowo has described the situation as worrisome and will amount to severe budget credibility issues.
He noted the Budget is designed to run from January to December as it is done globally.
BudgIT said the situation will lead to frivolous items in the 2023 Approved Budget and 2023 Supplementary Budget that will compete with essential projects in the 2024 Budget for the meagre resources available to the Federal Government.
It called on the government to amend the complications of this convoluted budgeting system and return to a disciplined January to December Budget Calendar.
“The concurrent implementation of four budgets will lead to severe budget credibility issues, as revenues projected in 2024 alone would most likely be used in implementing four different budgets, negatively impacting service delivery in critical social sectors and the provision of essential public infrastructure”, Okeowo stated.