Sunday, January 11, 2026
24.3 C
Lagos

‘Mystery Projects in 2018 Budget Will Derail Economic Growth Plan’

BudgIT decries the masking and insertion of several opaque items with little or no bearing on the economy by the National Assembly.

A recent analysis by BudgIT shows that approximately 6, 529 new projects valued at N579.08bn was inserted into the 2018 budget by the National Assembly.

Out of the 6529 new projects entered into the budget, 90.6% or 5918 items have a unit value below N200m. Also, the projects cannot be directly linked to the written, medium-term aspirations of the government as highlighted in the Economic Recovery and Growth Plan.

An analysis of the inserted projects shows that N63.64 billion or approximately 11% of the new projects added by the National Assembly will be spent on various training and capacity building programmes in 2018.

Given that the budget will be largely funded by borrowings (as highlighted in the 2018 fiscal plan), it is disheartening to discover that most of the identified line items therein show a significant disconnect from the developmental goals of government, as stated in its Economic Recovery and Growth Plan (ERGP).

‘We are alarmed at the number of micro-projects added by the National Assembly that may not fall within the core scope of the Federal Government.

We also noticed that the new projects inserted into the budget are fragmented, and budget line items are accompanied with vague descriptions that will prove difficult to monitor or track in physical and auditing terms. It is equally essential for the National assembly to explain the rationale behind the increased allocations to itself as such cannot be justified given the abysmal distribution to the education and health sector, considering that National Assembly increased its budgetary allocation from N125 billion to N139.5 billion.

We also observed that projects valued at N13.16 billion were cancelled altogether without detailed explanation by the national assembly. Some of the critical projects removed from the 2018 budget included  N200.3 million meant to settle arrears under the national telephony programme, N100 million allocated for the Establishment of an ICT university and the N1.2 billion allocated under the proposed budget for the construction of the  Zauro polder irrigation project.  Equally shocking is the fact that allocation to over 4,621 projects were reduced by approximately N318.89 billion without citations.’

BudgIT welcomes the addition of N55.15 billion to the health sector under the National Health Act. While the amount falls short of the 1% consolidated revenue fund (above N70bn), we see the allocation as the critical starting point and urge Nigerians and critical stakeholders to monitor its implementation.

‘Overall, we believe that the 2018 budget will need proper interrogation from all stakeholders. It is also essential for the National Assembly and Executive to significantly reduce the administrative component of the budget and direct funds towards improving education, health and other critical infrastructure. We also believe that there will be a more in-depth interrogation of the extent of the powers of the National Assembly and how such powers are exercised with great responsibility.’

About BudgIT

BudgIT is a civic organisation that applies technology to intersect citizen engagement with institutional improvement, to facilitate societal change. A pioneer in the field of social advocacy melded with technology, BudgIT uses an array of tech tools to simplify the budget and matters of public spending for citizens, with the primary aim of raising the standard of transparency and accountability in government.

spot_img
spot_img
spot_img

Hot this week

GCR Upgrades NEM Insurance Rating to AA+ on Sustained Profitable Growth, Stable Outlook

GCR Ratings (GCR) has upgraded NEM Insurance Plc’s national...

A Rejoinder To ‘Bola’s Tax’: When ‘Simple Logic’ Becomes Simple Misdirection

  Dr. Zacch Adedeji Executive Chairman FIRS By Tanimu Yakubu THE essay you circulated...

Tinubu Applauds NGX N100tn Milestone, Charges Nigerians to Invest More Locally

President Bola Tinubu has praised corporate Nigeria, citizens, and...

Topics

Sterling Bank: No More Account Maintenance Fees to Celebrate Independence Day

  Sterling Bank has once again redefined the boundaries of...

Jiji Launches “Deals Na Water” Black Friday with up to 85% Off for Shoppers

Maxim Makarchuk COO Jiji Africa Jiji, Nigeria’s leading online marketplace, has officially...

The Alternative Bank Drives Catalytic Capital for Sustainable Africa

Chief Executive Officer, Sterling One Foundation, Peju Ibekwe; Representative...

Global Capital Fuelling African Property Markets

Despite Africa’s slowdown; property developers and private equity funds...

Nigeria Releases N14bn for Payment of Accrued Pension to 2022 Retirees

Aisha Dahir-Umar Director-General National Pension Commission (PenCom) The Nigerian Government has...

Vodacom Seeks Operators’ Collaboration to Improve Quality of Service

L-R: Managing Director Telecom Advisory Services, Ambrose Nwadike; Chairman...

SMILE, First to Launch 4G LTE, VoLTE in Nigeria

Smile Nigeria, acclaimed as the leading second-tier telecom operator...

We, The Prisoners of DStv

Once upon a time, there was a homegrown payTV network in Nigeria named HiTV. Established in 2007, it later won the rights to the English Premiership League (EPL) which was the icing on the cake for it and its rising clientele. Unfortunately, the romance did not last. By 2010, the Toyin Subair-led HiTV was unable to renew and retain the EPL deal in a $100 million duel with Multichoice, the South African-owned operator of DStv. HiTV lost. DStv snatched the deal. But as we now know, HiTV was not the only loser. Nigerians also lost!
spot_img

Related Articles

Popular Categories

spot_imgspot_img