It is no longer news that President Muhammadu Buhari has signed the 2018 budget into power. But the statement made by the Nigerian leader afterwards are quite key.
But
after signing the 2018 budget, the president addressed Nigerians on how he
feels after signing the document.
Below
are 15 key things he said after assenting the budget:
1.Let
me thank the leadership of the National Assembly, particularly the Senate
President and the Speaker of the House of Representatives, as well as all the
Distinguished Senators and Honourable Members, for passing the 2018
Appropriation Bill, after seven months.
2.
When I submitted the 2018 Budget proposals to the National
Assembly on 7th November 2017, I had hoped that the usual legislative review
process would be quick, so as to move Nigeria towards a predictable
January-December financial year. The importance of this predictability
cannot be overemphasized.
3.
While the Federal Government’s budget represents less than 10% of
aggregate yearly expenditures in the economy, it has a very significant
accelerator effect on the financial plans of other tiers of government, and
even more importantly, the private sector, which mostly operates on a
January-December financial year.
4.
Notwithstanding the delay this year, I am determined to continue
to work with the National Assembly towards improving the budgeting process and
restoring our country to the January-December fiscal cycle.
5.
I note, with pleasure, that the National Assembly is working on
the enactment of an Organic Budget Law, so as to improve the efficiency of the
nation’s budgetary process.
6.
As I mentioned during the presentation of the 2018 Appropriation
Bill, we intend to use the 2018 Budget to consolidate the achievements of
previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan
(ERGP) 2017-2020.
7.
It is in this regard that I am concerned about some of the
changes that the National Assembly has made to the budget proposals that I
presented. The logic behind the Constitutional direction that budgets
should be proposed by the Executive is that, it is the Executive that knows and
defines its policies and projects.
8.
Unfortunately, that has not been given much regard in what has
been sent to me. The National Assembly made cuts amounting to 347 billion
Naira in the allocations to 4,700 projects submitted to them for consideration
and introduced 6,403 projects of their own amounting to 578 billion Naira.
9.
Many of the projects cut are critical and may be difficult, if
not impossible, to implement with the reduced allocation. Some of the new
projects inserted by the National Assembly have not been properly
conceptualized, designed and costed and will therefore be difficult to
execute.
10.
Furthermore, many of these new projects introduced by the National
Assembly have been added to the budgets of most MDAs with no consideration for
institutional capacity to execute them or the incremental recurrent expenditure
that may be required.
11.
As it is, some of these projects relate to matters that are the
responsibility of the States and Local Governments, and for which the Federal
Government should therefore not be unduly burdened.
12.
Another area of concern is the increase by the National Assembly of the
provisions for Statutory Transfers by an aggregate of 73.96 billion
Naira. Most of these increases are for recurrent expenditure at a time we
are trying to keep down the cost of governance.
13.
An example of this increase is the budget of the National Assembly
itself which has increased by 14.5 billion Naira, from 125 billion Naira to
139.5 billion Naira without any discussion with the Executive.
14.
Notwithstanding the above stated observations, I have decided to sign
the 2018 Budget in order not to further slowdown the pace of recovery of our
economy, which has doubtlessly been affected by the delay in passing the
budget.
15.
However, it is my intention to seek to remedy some of the most critical
of these issues through a supplementary and/or amendment budget which I hope
the National Assembly will be able to expeditiously consider.
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