The National Assembly (NASS) passed the 2016 budget of N6.06 trillion on Wednesday, March 23.
Relief is, however, tainted by the anxiety that the Presidency may not be able to implement it successfully.
President Muhammadu Buhari has even added to the fear by insisting that he would not assent to it unless he is sure there are no alterations in his original figures.
So much weight has been placed on the passage of the budget as if it is the panacea for all the problems buffeting the economy. The government functionaries’ constant defence of their lethargy, up to this point, is like a broken gramophone record.
As the NASS has passed the budget, we assume that it is as good as ready once Buhari assents to it.
If there is any virtue he has brought to the Villa it is his iron will discipline. By the end of the fiscal year, Nigerians should see a record 80 per cent implementation.
The implementation should reflate the economy.
The monetary policy of the Central Bank of Nigeria (CBN) has raised MPR by 100 basis points to 12.0 per cent; CRR is also up to 22 per cent 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 officials should be minimal.
In other words, funds should target projects without diversion and contract inflation, among other treasury-looting strategies.
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, N351,370,000,000 Debt servicing N1,475,320,000,000 for a ratio of 2.14 per cent.
These earmarked figures should get to their targets. More funds were wasted by previous governments buying stationery, training staff and flying all over the world.
Legislators on oversight assignments should not rent crowds for jamborees.
They lodge in expensive presidential suites in top hotels and ministries, and departments and agencies (MDAs) waste funds to entertain their guests rather than revamp dilapidated infrastructure.
The change legacy begins now. Efficient projects implemented by competent constructors should be the ultimate goal of the entire budget implementation for all MDAs.
The All Progressives Congress (APC) now appears uncoordinated with centrifugal forces pulling it in all directions. We hope it can still focus on budget implementation to guide the success of its government.
The national rot is in every sector. Potholes 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 stable.
Of the three sectors the government chose to accelerate budget implementation to revive the economy, Works holds the highest potential for immediate job creation for 40 million unemployed youths.
Concrete construction yields efficient, maximum infrastructural impact with roads network rehabilitation nationwide.
Compared to agriculture, roads are far ahead of solid minerals which require medium-to-long term gestation periods because of plant and machinery installation.
But as a Chinese proverb says, a journey of 1,000 kilometres begins with one step.
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.
This is why the Presidency and the NASS should close ranks to ensure the budget does not suffer further delay.
This is not the time for ego tripping; it requires all hands on deck. Details should be trashed out to facilitate thorough implementation.
No blame games of previous corrupt, incompetent governments which Nigerian voters kicked out of power. No accusing fingers at discredited politicians.
Rather, we expect the Buhari government to focus on its sole objective of delivering good governance to revive the economy and rebuild infrastructure.
We expect that the federal and state executives are ready for budget implementation.
We expect lawmakers at the three tiers of government to perform their oversight functions without blemish, and ensure purposeful leadership.
Implementation delay must be avoided, so as not to 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.