EXPRESS BUDGETARY SHARE: AN APPRAISAL OF PRICE RANGE IMPLEMENTION AND EFFECTS IN NIGERIA

 STATE BUDGETARY ALLOCATION: A GREAT APPRAISAL OF BUDGET IMPLEMENTION AND EFFECTS IN NIGERIA Essay

STATE FINANCIAL ALLOCATIONS: A GREAT APPRAISAL OF BUDGET

EXECUTION AND EFFECTS IN NIGERIA*

By

Prof. Aderibigbe H. Olomola

Director, Surveillance & Forecasting Office

Nigerian Company of Social and Financial Research (NISER), Ibadan

NEWSPAPER PRESENTED AT THE NISER RESESEARCH SEMINAR SERIES

(NRSS) ORGANISED AT THE NIGERIAN INSTITUTE OF SOCIAL AND

ECONOMIC RESEARCH, IBADAN

SEPT. 2010 11, 2012

1

EXPRESS BUDGETARY AIDES: AN EVALUATION OF SPENDING BUDGET

IMPLEMENTATION AND EFFECTS IN NIGERIA

Simply by

Prof. Aderibigbe S. Olomola

Director, Surveillance & Predicting Department

Nigerian Institute of Social and Economic Analysis (NISER), Ibadan

1 . ADVANTAGES

The position of spending budget in an economic climate cannot be overemphasized. This is because price range is an important tool of national resource breaking down, allocation and economic administration. It is an financial instrument intended for facilitating and realizing the vision with the government in a given monetary year. Since the inception of democratic governance over a ten years ago, Nigerians have built up very high objectives that the finances would include laudable programs that would cause poverty decrease in particular and promote their very own welfare on the whole. But concern seems to be developing among stakeholders regarding the capability of the budget to fulfill the policy targets of the authorities and by inference satisfy the aspirations of the people. The budget can be viewed as as the engine with the on-going monetary reforms. Whether it is switched off anytime or if it is malfunctioning, the reforms are not able to generate the expected results. All the loable programmes of the government especially in the areas of lower income reduction, infrastructure development and also development of essential sectors in the economy including agriculture, developing, education, overall health, communication, travel and leisure and commerce will only enhance the best benefits if the flaws in the budget process will be curtailed and ultimately eliminated. This process entails key periods such as finances conception, prep, approval, setup, monitoring and control and budget analysis. A good budget process need to attain 3 important aims, namely; (i) maintenance of monetary discipline specially in terms of realistic expenses proposals, reasonable revenue projections, compliance with budget provisions, compliance with financial polices (maintenance of strict financial management), timely release of funds and avoidance of undue financial imbalances; (ii) attaining allocative efficiency and (iii) obtaining operational or perhaps technical effectiveness. In order to match the specified targets, the budget need to possess the subsequent characteristics (a la Olomola, 2000) appropriate spending goals, comprehensiveness, openness, timeliness, appropriate balance in recurrent and capital spending and proper sequencing. This process in Nigeria still falls short of these features and the ideal objectives are far from staying fully obtained. Up to the end of the 20th century, this process was bedeviled with monumental imperfections and endured myriad of abuses including (i) inability of existing medium- longterm plans to provide useful guide to the budgetary procedure, (ii) insufficient political will certainly and dedication to adhere to stipulated rules and finances guidelines, (iii) high occurrence of extrabudgetary expenditure, (iv) persistently serious budget deficit, (v) off-budget resource allocation and (vi) overlapping institutional arrangements inside the budget procedure resulting in lopsided allocation of resources and delays in arriving at a consensus about critical decisions (Olomola, 2009a). Policy reversals are the order of the day, occasionally leading to extra-budgetary spending or perhaps abandonment of projects leading to frustration of stakeholders. Inspite of the various reconstructs of the budgetary process as 2000, the defects inside the budget method including poor implementation of budget continue unabated.

2

The...

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Delivered at the Financial Administration and Spending budget Course Organized by NISER for employees

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