Premium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
There is a deafening silence in the land over the state of the economy. No right-thinking person can take this silence or mood of the nation for granted. This eery silence is invariably linked to a cost-of-living crisis, exchange rate crisis, uncanny economic uncertainties and other unfavourable economic variables hovering over Nigeria like an ominous overcast and has turned the table against the average Nigerian citizen.
Analysing the Nigerian budget over the last decade provides insight into the country’s economic trends, government priorities, and overall fiscal management. A critical review of these budgets highlights some of the negatives that have led us to our economic quagmire, and we must keep such negatives from creeping into and affecting the 2024 budget if we want it to be fit for purpose.
Overall, the Nigerian budget in the last decade reflects a mix of challenges and opportunities, highlighting the need for improved fiscal management, transparency, and sustainable economic reforms to foster inclusive growth and development. However, the most significant difficulty with our budgets is the corruption around the budget both at the formulation and implementation stages. ICPC alleged that civil servants padded 2021 and 2022 budgets with projects duplication worth over N400 billion.
Over the past decade, there have been concerns about the actual disbursement and effective utilisation of budgeted funds, leading to challenges in achieving developmental goals and meeting the population’s needs. Ensuring effective budget implementation and accountability has been a persistent challenge in Nigeria. Corruption, mismanagement of funds, and weak institutional frameworks have hampered the efficient utilisation of budgetary allocations, undermining the country’s development efforts.
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