FY 2017 federal budget might turn Nigeria around only if fully funded and faithfully implemented - Obaze
Ahead of the President Muhammadu Buhari presenting the FY 2017 budget to the National Assembly on 14 December, 2016, the budget is already being analyzed by policy and governance experts. The N7.28 trillion budget being proposed for 2017, encompasses N2.078 trillion for capital expenditure and N2.9 trillion for recurrent expenditure, reflecting increments of 15.44% and 9.43% or N1.8 trillion and N2.65 trillion respectively over the FY 2016 budget.
Reacting to elements of the budget already in the public domain, policy and governance expert and MD/CEO Selonnes Consult, Mr Oseloka H. Obaze, characterized the 2017 draft budget, which is aimed at "new economic recovery and growth" as "assertive and optimistic". However, he recalled that the 2016 budget was never fully funded and performed below 57%, yet he opined that the 2017 budget "might turn Nigeria around, only if fully funded and faithfully implemented."
Obaze also noted that the controversy over borrowing externally to augment the 2017 budget might eventually be inimical to the overall budgetary performance. "If the funds are not sourced on time and allotted expeditiously, there could be problems as available funds might be shifted to other pressing areas and envisaged capital projects delayed," said Obaze.