We sighed with big relief. The National Assembly (NASS) passed the 2016 budget of N6.06 trillion on Wednesday. But our relief is simultaneously tainted by the anxiety that for umpteen reasons, the Presidency may not be able to implement it successfully. Or the contrary, all things equal, the government will hit the ground running – and implement it successfully.
So much weight has been placed on the passage of the budget as if it is the panacea for all the problems which made the economy teeter on the brink of going under in recent times. We agree that passing the budget should enable the government to spend legally. Yes, we also agree that demand not backed by money is ineffective demand.
But the government functionaries’ constant defence of their lethargy, up to this point, came like the proverbial archaic broken gramophone record. Consequently, as NASS has passed the budget, and no objections from the Presidency to date necessitates a veto, we assume that the fiscal policy document is as good as ready at any time with the Presidential assent.
As such, by the end of the fiscal year, all Nigerians should look forward to up to a record 80 percent level of diligent implementation. If there is any special attraction virtue the Buhari leadership brought into Aso Rock Presidential Villa to date, it is his iron will discipline – for good or for bad. Such astronomical budget performance will competently reflect adequate measures of reflating the economy in which many Nigerians are pitiably yearning for the promised Change.
The Central Bank of Nigeria’s complementary monetary policy has raised MPR by 100 basis points to 12.0 percent; CRR also went up to 22 percent to tame inflationary pressures prior to implementation of capital projects. Of course with investments in relevant projects, there would be no inflationary pressure to contend with. And if Buhari’s icy discipline is anything to go by, corruption, profligacy and self-enrichment at public expense by government functionaries should be minimal. In other words, projects implementation should target funds earmarked for specific projects without a corrupt government’s diversions and contract inflation, among other treasury-looting stratagem.
So, the N1,587,598,122,031 capital budget should get to its target as previewed and N2,646,389,236,196 should go to recurrent, for a fiscal deficit of N2,204,936,925,711.16. Statutory transfers would gulp N351,370,000,000. Debt service takes N1,475,320,000,000 for a ratio to GDP of 2.14 percent. These earmarked figures should get to their targets without itchy fingers looting them along the way. More funds are wasted by previous governments buying stationery, training staff and flying all over the world than on constructing infrastructure. We hope not to see more of the same. In other words, national legislators on oversight assignments should not use the occasion to rent crowds for jamborees. They check them into expensive presidential suites in top rated hotels; then the ministries, departments and agencies (MDAs) would waste their capital votes to entertain the legislators’ guests lavishly rather than the latter ensuring that the MDAs construct the dilapidated infrastructure which have spread deplorable rot and citizens’ suffering nationwide.
Needless to emphasise, the change legacy begins now. Efficient projects implemented by competent corporate construction giants with well-qualified staff and supreme-performance equipment should be the ultimate goal of the entire budget implementation process for all MDAs. By all means the anti-corruption combat must continue. All the looted funds must be retrieved. But this is time for governance.
The All Progressives Congress (APC) now appears very uncoordinated with centrifugal forces pulling it in all directions. Then, most preposterously, without implementating even one budget successfully yet, they are already debating 2019 power vacuum – or absence of it. It is APC’s duty to focus its searchlight along the path of budget implementation to guide the success of its government. For, the national rot is palpable in every sector: Potholes of yesteryear have widened into craters and craters now plunge buildings like gully erosion sites. Generators are still the primary source of power in offices, homes and recreation centres while grid power is on standby in most cities and towns, never mind villages away from power grid pylons.
Fuel price remains expensive and supply is not always available. Of the three sectors government chose to accelerate budget implementation to revive the economy, Works holds the highest potential for immediate term jobs for up to 40 million unemployed youth. Concrete construction yields efficient, maximum infrastructural impact with roads network rehabilitation nationwide. Compared to even agric, especially rain-fed, roads and expressways are far ahead of solid minerals which require medium-to-long term gestation periods because of plant and machinery installation requirements.
But as a Chinese proverb says, a journey of 1,000km always begins with one step. It is trite comment that drawing up good budgets is never Nigeria’s problem. But implementation is always the setback. We hope this year’s successful implementation would be the first of the four full budgets the Buhari government will prepare and implement. No blame games of previous corrupt, incompetent governments which Nigerian voters kicked out of power. No accusing fingers at discredited politicians of yesteryear. Rather, we expect Buhari government to focus on its sole objective of delivering good governance to Nigerians as promised to revive the economy and rebuild the near-collapsed infrastructure in all sectors.
We expect the Federal and state executives to be ready for budget implementation. So also do we expect the lawmakers at the three tiers of government to perform their oversight functions without blemish, not to wheeler-deal with capital votes on frivolous pastimes, but for purposeful leadership which delivers the goods for Nigerians. Any implementation tardiness must be avoided. Such delays encourage treasury looting of unspent funds at the end of the year.
Above all, the tardiness of the current budget should remind all that preparing and passing an annual budget are more serious a business than any other single government business. The problems of budget padding, bad governance should no more mar the important national document. So that by next September, the 2017 budget should be ready for presentation to NASS for scrutiny and passage.
