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2018 Budget: Financial Experts Want Change In Disbursement, Implementation

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7 years ago

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Some financial experts have said the Federal Government must change its approach towards the implementation and disbursement of the annual budget for it to impact positively on Nigerians.
The experts stated this in interviews with newsmen in Lagos, yesterday while reacting to the passage of the 2018 budget by the National Assembly, six months after it was presented by executive.
Mr Emeka Madubuike, immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), who bemoaned the late passage of the budget, said implementation and disbursement were critical at the moment.
“It is not passing the budget that is the issue, the key thing is implementation. We have seen several budgets in this country but what is the impact?” Madubuike asked.
He said the country still had serious infrastructure gap, noting that proper implementation would help in reducing the infrastructure deficit for people to have hope in the country.
Madubuike called for synergy between the executive and legislature, noting that both arms were serving Nigerians.
“This distinction between the Senate and the executive is just an excuse and must be addressed in the interest of the country,” he said.
Prof. Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University, Keffi, said the passage of the budget would increase the tempo of economic activities and speed up recovery efforts.
Uwaleke said the increased allocation for capital projects would lift the stock of infrastructure if well implemented and spur growth.
He said the passage of the budget would reduce uncertainties in the business environment and boost investors’ confidence.
Uwaleke also expressed optimism that the capital market would react positively to the passage of the budget.
 The Chief Operating Officer, InvestData Ltd.,  Mr Ambrose Omordion, said the approval of the budget was good for the economy to boost activities and support economic recovery and development.
Omordion said the timing and upward adjustment of the budget figures were wrong considering that the budget stayed over six months before it was approved.
He called for proper monitoring of the budget to ensure effective implementation, noting that N1.5 trillion spent on infrastructure in the 2017 budget had not reflected on the economy.
Omordion said roads and power with direct bearing on the economy had remained in the worst state in spite of huge borrowing amidst rising oil prices.
According to him, the N9 trillion budget is part of preparation for 2019 elections for the executive and legislatures to do one project or the other for the people ahead of the elections.
“For the budget to make meaningful impact on the life of Nigerians and the economy, government must change its disbursement and implementation style so that project execution will be fast,” Omordion said.
He explained that the adjustment of oil benchmark price to 51 dollars per barrel against the initial 45 dollars per barrel was good considering the rallying in oil price.
Omordion said it was a good way of reducing borrowing to finance deficit budget and also to accommodate the N543 billion increment to execute their own constituency projects.
The Senate and the House of Representatives on May 16, passed the 2018 budget, raising it by N500 billion.
Both houses approved a budget that rose from N8.6 trillion to N9.1 trillion, six months after it was presented by the executive.
President Muhammadu Buhari presented the budget to a joint session of the National Assembly on Nov. 7, 2017.
Both houses of the National Assembly received the budget report of their appropriation committees.
At the Senate, the chairman of the Senate Committee on Appropriation, Mr Danjuma Goje, said the increase of N500 billion was done in consultation with the executive.
He said the increment was informed by a decision to increase oil benchmark from the proposed 45 dollars to 51 dollars.
The exchange rate of N305 to a dollar and production of 2.3 million barrels of oil per day were adopted as proposed by the executive.
Goje said the funds that would accrue from the increment would be spent on some projects already earmarked by the committee.
He said the surplus fund was spread on some ‘critical sectors’ in consultation with the executive. He gave a breakdown of how much would be spent on different sectors.
According to the report, N42.72 billion will be spent on security, N57. 15 billion on the 1 per cent vote for health as mandated by the National Health Act and N106.50 billion for the Ministry of Power, Works and Housing.
Other areas are; education, N15.7 billion, Judiciary, N10 billion and Niger Delta Development Commission (NDDC), N44.20 billion.
He added that the increment would allow for a N50.88 billion deficit reduction.
In the final breakdown, the Senate passed a 2018 budget of N9, 120, 334, 988, 225 of which N530, 421, 368, 624 is for statutory transfers as against N456, 458, 654, 074 proposed by the executive.
N2, 203, 835, 365, 699 was budgeted for debt service as proposed while N190, 000, 000, 000 was budgeted for sinking fund for maturing loans.
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Kenyan Runners Dominate Berlin Marathons

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19 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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19 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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19 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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