Monday, May 17, 2021 / 10.00AM /
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The Federal Government has been tasked with blocking the loopholes in the 2021 budget and ensuring transparency and accountability are entrenched in the releases done across the ministries, departments and agencies, MDAs.
Damilola Onemano, Analyst, Research & Policy Advisory, BudgIT Foundation said this during a discussion on "Nigeria and the Quest for Transparency In Its Budget Process".
Speaking on the recent BudgIT Foundation report titled "Demanding Budget Reforms for Resource Optimization", Damilola noted that 316 duplicated capital projects were revealed from a bucket list of 19,036 projects analyzed.
The duplicated items gulped about N39bn with the Federal Ministries of Health, Information & Culture, Education, Science & Technology, Transportation, Environment, Power, Labour & Employment, and Water Resources recording the highest incidences.
From the analysis, Onemano said that the Federal Ministry of Health recorded the highest case of 115 duplicated items in the 2021 budget.
Giving further insight she said the Economic Recovery and Growth Plan code was used to analyze the projects, as according to her each project is supposed to be assigned a unique ERGP code.
She decried the fact that despite a huge allocation of about N4.1trn 50% of the funds still went to recurrent expenditure, a challenge fiscal policymakers must address.
The BudgIT report highlighted other concerns from the FGN Budget 2020 which include;
With the revenue issues Nigeria is facing and the fact that the country is using over 50% of its revenue to service its debts, she believed the nation needed to achieve an efficient budget process.
She believed the Federal Ministry of Finance, Budget, and National Planning, has a major role to play in driving the required reforms for a stabilized economy.