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Federal Government has been advised by experts in the financial services industry to ensure that a large part of the of the N8.6 trillion budget for 2018 targets infrastructure.
This follows as Nigeria needs to spend $3 trillion on economic infrastructure over the next 30 years, if it must meet its own development goals.
Major infrastructure challenges of the country is seen in the area of power, roads, healthcare and education amongst others. In recent times, the government has focused on fixing power and building road networks across the country.
Seun Onigbinde, Chief Executive Officer, BudgiT, a civic organization promoting transparency in governance said conversations of budget should involve everyone, because the impact of its full and efficient implementation or otherwise, also falls on the people.
Onigbinde, who spoke on the theme: “Budget Analysis, Monitoring and Implementation: The Role of Financial Journalists”, at the maiden edition of the ‘Meet-The-Executive’ organized by the Finance Correspondents Association of Nigeria (FICAN) in Lagos, said there is need to ensure effective budget monitoring and implementation, insisting that government should bring accountability and probity to public finance spending.
Onigbinde described Nigeria’s annual budget as a ‘contract vending machine,’ rather than a planning document. This is because a typical budget will first bring all the arms of government today and follow the goals of the ruling party.
“A large part of the budget should go to infrastructure financing. Government has to work very hard since it has limited time to prove its mettle as the 2019 elections approaches,” he said.
He said government needs to diversify its revenue base, and to enable it achieve its developmental objectives. “Many people are looking at this budget to see if there will be actual tangible achievement in it. The budget has to be quickly passed because we have a short period of governance next year. We have a lot of time for politicking. But before the politicking, let’s have the budget quickly passed and implemented,” he said.
He explained that most of the assumptions for the revenue in the budget is bloated, adding that there is need to build and develop new strategies to attract more revenues. How are we going to build other streams of income opportunities. There are huge assumptions on revenue. How are we going to expand revenues from taxes. How are we going to raise Value Added Tax (VAT). Projections today shows that oil prices will continue to rise,” he said.
He also said that all hands must be on the deck when it comes to budget discussion, adding that how public finances are spent should concern everyone, and urged Nigerians to intelligently input into such expenditures.
Onigbinde also insisted that budget should focus on quality service delivery, implementation, and audit of whatever projects that have been executed using public finances. “After the projects in the budget have been effectively executed, there is need to audit the projects to ensure that transparency and quality value delivery,” he said.
According to him, only projects listed in the budget can be financed through it, and urged the people to ensure that present projects have community benefits for funding through public finances.
He said many state budgets are wishful lists, because the budgets are far higher than the state’s revenue bases. He said the performance of the budget demand accountability on the part of the government.
“If government says the law demands that I pay my taxes, then they should also know that I have the right to know how the money is spent. We need to ensure that the resources of government are well spent. Public interest has to be a priority in spending public finances,” he said.
On the award of contract, he said everyone has the right to bid and execute government contracts. “Contracts should be made available for everyone to decide if he or she can win and implement it. It should not be given to people based on familiarity,” he said.
HOPE MOSES-ASHIKE
