Budgetary Expert Call For Accountability and Proper Spending

Budgetary Expert Call For Accountability  and Proper Spending

In a recent revelation by a Budgetary Expert of the BudgIT Foundation, it has been highlighted that Nigeria’s expenditure falls short in comparison to other countries of similar population sizes, signaling a critical gap in stimulating economic growth. The foundation has called for urgent action, including the revival of the Joint Planning Board, to address this disparity.

Speaking at a roundtable discussion with members of the Financial and Business Online Publishers (FiBOP) in Lagos, Mr. Vahyala Kwaga, Senior Research and Policy Analyst at BudgIT Foundation, emphasized that Nigeria’s budget allocation for the 2024 fiscal year, amounting to N28 trillion, significantly lags behind what should be allocated – estimated between N50 trillion to N60 trillion – to drive substantial growth.

“There is a contradiction; on one hand, we are not spending enough, and it’s inefficient. On the other hand, we are spending it very poorly. So, there is a need for reconciliation on how we spend and how much we even budget for spending,” Kwaga remarked.

He stressed the crucial role of budgets in influencing various aspects of daily life, from infrastructure development to security and economic stability. However, Kwaga lamented the lack of transparency regarding budget implementation reports, urging Nigerians to hold the government accountable for efficient and effective spending.

Highlighting the political influences on economic decisions, Kwaga recalled the dormant state of the Joint Planning Board, where federal and state governments once collaborated on strategic planning. He underscored the importance of aligning federal and state initiatives to optimize resources and drive economic growth.

Moreover, Kwaga raised concerns about Nigeria’s escalating debt under the current administration, warning of further borrowing trends. He urged media and civil society organizations to educate the public and pressure lawmakers to scrutinize loan requests more rigorously.

“It’s sad to see that the previous National Assembly was basically just rubber-stamping a lot of requests for loan facilities by the Buhari administration,” Kwaga remarked, expressing apprehension about the trajectory of Nigeria’s debt burden.

In conclusion, Kwaga emphasized the need for concerted efforts to address Nigeria’s fiscal challenges, calling for greater public awareness and governmental accountability to ensure sustainable economic development.

As Nigeria grapples with economic uncertainties, the BudgIT Foundation’s revelations underscore the imperative for decisive action to realign budgetary priorities and foster inclusive growth for all Nigerians.

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