Post Views: 130 Data from BudgIT, Nigeria’s civic tech organisation which works to simplify the national budget and matters of public spending for the...
Data from BudgIT, Nigeria’s civic tech organisation which works to simplify the national budget and matters of public spending for the average Nigerian citizen thereby raising the standard of transparency and accountability within government, shows that the nation’s spending plan has grown by a significant 2,375% from a humble N299bn in 1999, the year Nigeria started its fourth republic, transforming from military to civilian rule, to N7.4tr in 2017.
The 2018 estimates, which was laid before the National Assembly on Tuesday by President Muhammadu Buhari, is still subject to consideration and approval by the law makers.
The biggest jump was in 2000, when the then President Olusegun Obasanjo’s budget of N702bn, representing an increase of 134.8% from that of 1999, perhaps due to the provisions for the law making arm that did not exist during the military.
The 2000 figure doubled in 2004 to N1.45tr, before dropping significantly to N1.19tr; and thereafter ballooning to N1.6tr the following year.
The amount ballooned to N2.39tr by 2007, the year President Obasanjo handed over power; soaring by N350bn (much more than the 1999 budget), or 14.64% to N2.74tr; and then N3.05tr, up by 11.31% by the following year. From N3.05bn, it ballooned by about N1.35tr or 44.26% to N4.4tr, in the final year of late President Umar Yar-Adu’a.
The numbers kept rising year until it hit N4.99tr in 2013 under President Goodluck Jonathan, dropping slightly to N4.96tr the following year and further to N4.96tr in the final of his six-year stay in office.
If the amount budgeted jumped by 44.26& to N4.4tr in 2015, the Buhari administration catapulted the annual spending plan to N6.06 in its first full fiscal year in office (2016) to N6.06tr, representing an increase of N1.66tr or 37.72%. From there, it rose by N1.34bn or 22.11%, to N7.4tr.
For current year, the government plans to spend N8.6tr.
If the NASS approves it as presented, it would mean that in three years and under the present administration, Nigeria’s spending plan has grown by N4.2tr or 94.45%.
Seun Onigbinde, co-founder of BudgIT, on Tuesday in Lagos, while fielding questions from journalists lamented a situation where Nigeria’s annual budget has become a mere contract dispensing. (READ).
Year Budget Size