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For timely implementation of budget 2005
GREGORY OKONKWO
Since the
attainment of political independence in 1960, Nigerian governments have always
packaged impressive budget proposals, particularly at the Federal level.
However, the problem has often been with their implementation. Arguably the most
critical of these bottlenecks is a confusing time-table for the fulfilment of
the proposals.
In the main, the pattern has been somewhat
of a vicious cycle: the budget proposals are submitted rather late to the
approving or vetting authorities; the approving authorities take their time
amidst recriminations and the so-called lobby; and by the time they are through
and the document endorsed and explained to the public by the Minister of
Finance, some months in the proposed period of implementation would have lapsed.
Reflecting on the case of Nigeria’s
typical fiscal year, January to December, the experience has been harrowing for
those who are to supposedly benefit from the budget, as the Federal Budget tends
to come into operation as embarrassingly late as May! The adverse consequences
of this trend on the people, the economy and society have indeed stultified the
nation’s development process over the years. Thus, it was common to identify
projects, for instance, approved for a certain year being re-presented for
implementation some four years later.
Under the present dispensation, the
Federal Government has been making serious efforts to create an enabling
environment for the people, institutions and organisations as well as its
partners to conduct their legitimate affairs. Aside from various laudable
initiatives and the strengthening of existing structures, the Obasanjo
administration has invested heavily in public sector reforms.
As part of its efforts at enhancing
efficiency in governance, the government provided a further beacon of hope when
it presented its 2005 Budget Proposals to the National Assembly early October
this year. This has given the Federal Legislature a decent enough time to study
the proposals, make their inputs and come up with a harmonised document for the
assent of the President. From certain indications so far, Nigerians can look
forward to the commencement of the implementation of Budget 2005 from early
January.
The benefits to be derived from this
development would be wide-ranging. In the first instance, it is expected that
the nation will experience a high percentage of budget fulfilment, as schedules
would be more readily matched with projections.
Secondly, orderly implementation of the
federal budget will also minimise distortions that have bedevilled project
development in Nigeria. It is these distortions that provide a fertile ground
for corrupt practices, inefficiency, waste, fiscal indiscipline and poor
performance.
Significantly, the organised private
sector, which generally hinges its plans on the Federal Budget, would be able to
organise their plans and programmes more meaningfully. In the past, the hiccups
in the implementation of the budget had compelled the private sector to engage
in the dangerous practice of speculation, with the attendant negative effects of
their performance and hence the economy and society at large. Against the
backdrop of the need to render the Nigerian economy private sector driven, the
imperatives of timely implementation of the budget come into marked focus.
In the same vein, the scheduled fulfilment
of Budget 2005 will boost investor-confidence, locally and internationally. In
conveying the strong message of a serious-minded and focused people, Nigeria can
more confidently expect better investment inflow, which we need urgently to
revitalise the economy. Given that the competition for investment is a worldwide
phenomenon, nations that attract the most investments would be those with one
form of competitive edge or the other. For Africa’s largest market, the
prospective investor needs to be assured of clear-cut, orderly and unambiguous
policy direction and implementation.
Easily more than any other Nigerian
leader, President Olusegun Obasanjo has been in the forefront of creating an
enabling environment for the orderly development of the country, for Nigerians
as well as those who wish to do business with Nigeria. The challenges before his
administration have been onerous, but not insurmountable, given the support and
co-operation of other stakeholders in the Nigerian project.
The challenge of having a national budget
that could be implemented within the fiscal year, for which it is proposed, is
therefore, a task that must be taken on headlong. Without bias to the sense of
duty of the National Assembly, the need for redoubled efforts to see the budget
proposals through in time, cannot be over-emphasised. It is in our collective
interest to have a document that is not only timely, but which we would all look
forward to as a meaningful guide to our programme of action in the coming year.
That, would in turn, open up a new lease of life for Nigeria and Nigerians as a
nation and a people who have a mission to achieve meaningful development and
sustainable growth.
•Gregory is a student of Nnamdi Azikiwe
University, Awka.
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