BudgIT has criticized the Federal government’s plan to implement four national budgets simultaneously.
Gabriel Okeowo, BudgIT’s Country Director, disclosed this in a statement on Friday.
The Senate had resumed plenary on Thursday to extend the capital section of the 2023 supplementary budget, announcing that it would run concurrently with the 2024 national budget.
As a result, the country is currently managing three budgets: the 2023 budget of N21.83 trillion signed by former president Muhammadu Buhari, the N2.17 trillion 2023 supplementary budget by President Bola Ahmed Tinubu, and the N28.7 trillion 2024 budget, along with an anticipated 2024 supplementary budget. This leads to the simultaneous implementation of four budgets.
Okeowo described this situation as worrisome, citing severe budget credibility issues. He emphasized that budgets are intended to run from January to December, as practiced globally.
BudgIT warned that this scenario could lead to frivolous expenditures in the 2023 Approved Budget and the 2023 Supplementary Budget, which would compete with essential projects in the 2024 Budget for the limited resources available to the Federal Government.
BudgIT urged the government to resolve 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.
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