Experts Criticize Nigerian Govt’s Plan to Run Four Concurrent Budgets

The Nigerian government's plan to concurrently implement four budgets simultaneously is highly unusual and raises significant concerns. Experts argue that running the 2023 supplementary budget, the 2023 main budget, the 2024 budget, and the 2024 supplementary budget concurrently will lead to severe budget credibility issues. The revenues projected for 2024 alone would most likely be insufficient to fund the four budgets, potentially exacerbating the country's fiscal challenges. This unprecedented move highlights the government's efforts to complete ongoing projects and address pressing economic issues, but it also underscores the need for improved revenue mobilization and fiscal discipline to ensure sustainable development.

Citations:

[1] https://www.pwc.com/ng/en/publications/budget.html

[2] https://nigerianbulletin.com/ams/senate-passes-n28-78-trillion-2023-supplementary-budget-extension.6449/

[3] https://www.vanguardngr.com/2024/06/budgit-knocks-fg-over-running-4-budgets-simultaneously/

[4] https://assets.kpmg.com/content/dam/kpmg/ng/pdf/2023-budget-newsletter-and-macroeconomic-outlook%28february-2023%29.pdf

[5] https://punchng.com/president-signs-budget-as-nassembly-raises-lawmakers-allocation-to-n344bn/