Editor’s note: Drawing the attention of Nigerians to some of the people-friendly provisions of the newly proposed 2016 budget, Kofoworola Ayodeji shows how it can help to transform Nigeria.
The focus of the budget on critical sectors like education, health, defense and development of infrastructure shows some hope, which, however, will translate into prosperity only if this budget is well-implemented. Mr Ayodeji therefore makes a clarion call on all Nigerians to hold the Buhari-led administration accountable for this to happen.
Apart from Saturday, March 28, when the much-anticipated 2015 presidential election was held; May 29, the day of the inauguration of the newly formed APC-led federal government; and November 11, when the appointed ministers were sworn in by President Muhammadu Buhari, Tuesday, December 22, is also very significant in the political history of Nigeria.
I was very eager to see that day because President Buhari and Vice President Yemi Osinbajo had promised several times that Nigerians would begin experiencing the real change as soon as the 2016 budget was presented and passed by the National Assembly. Truth be told, I wholeheartedly believed them for their integrity.
Budget of change
On Tuesday Mr President accompanied by the members of his cabinet stormed the National Assembly to present the “budget of change”. Frankly speaking, I was glued to the television to hear him out, and I was not disappointed at all. Although during the presentation I was thinking within myself that ours is a country of more talks, less action, but then President Buhari dropped the bombshell: “I know many people will say: “I have heard this before.” Indeed, trust in the government, due to the abuse and negligence of the past, is at all times low. This means we must go back to basics. Our actions will speak for us. My team of dedicated, committed and patriotic Nigerians is well aware of the task ahead, and I can assure you that we are taking on the challenge.” This, indeed, was very reassuring.
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The proposed N6.08-trillion budget can help to initiate the long overdue development of the most populous African nation and largest economy; it seeks to revive the economy, deliver inclusive growth and create a significant number of jobs. But for this to happen there has to be proper handling of the money.
An intervention budget
An overview of the budget proposal shows that a total of N6.08 trillion will be spent in 2016. N3.86 trillion of the total amount will be raised through oil and gas, taxes and revenue generating agencies. That means there will be N2.22-trillion deficit. To accommodate this there will be domestic and foreign borrowings of N984 billion and N900 billion respectively. The government assumes that crude oil will sell at $38 per barrel on the international market, and Nigeria will have been producing 2.2 million barrels per day by 2016.
I find it quite commendable that the government will give attention to the critical sectors such as education, health, defence, as well as infrastructural development, in the coming year. For instance, some of the capital expenditure will go to such sectors as power, works and housing — N433.4 billion, transportation — N202.0 billion, defence — N134.6 billion. Also, N369.6 billion will be spent on the education sector, N221.7 billion on health, and N145.3 billion on the interior affairs. The plan of the federal government to employ half a million teachers and deploy them across primary schools all over the country shows its commitment to rebuilding the nation. This is because education remains the bedrock of the development of any nation. Equipping young Nigerians with sound education is a giant step in reversing the bleak future of Nigeria.
Rebuilding Nigeria
Raising the capital expenditure to 30% is what development experts and many Nigerians, including me, have always advocated for. Having increased the capital expenditure from N557 billion in the current 2015 budget to N1.8 trillion the Buhari-led federal government is ready to create wealth. This means there will be less consumption, or, to put it better, frivolous spending. Even though some Nigerians have expressed fear over the enormous N2.2-trillion deficit in the budget, I strongly believe that borrowing to build roads, schools, hospitals, and other viable infrastructure is not a bad practice. It is acceptable all over the world. What is actually very ridiculous is borrowing to pay salaries, or to buy exotic cars or houses for political office holders.
Additionally, the proposed adoption of a zero-budgeting system from 2016 means that siphoning public funds will be reduced drastically. This will help block leakages and save more money for further development. Unlike the current system which allows funds to be disbursed based on paper work only, the new system is more detailed and will ensure that every kobo released is well justified. Perhaps, this will save the nation from plunging into many more Dasukigate scandals.
We must hold the ministers accountable
Immediately after the presentation of the 2016 budget, a few ministers were interviewed by Channels TV and they corroborated the claims of President Buhari. All of them assured that once the budget is passed, things will begin to turn around for good in the country.
The minister of budget and national planning, Senator Udoma Udoma, said: “Given the state of the economy right now, we must revive it and the only way to revive it is to spend on infrastructure which is what we’re doing in this budget. It’s an infrastructure and is a jobs budget. We also set aside money for social intervention. As the president explained, we’re going to recruit teachers, we’re going to get loans for market women and do various projects to stimulate the economy and create jobs.”
According to the Minister of Labour and Employment, Dr Chris Ngige, “What you [Nigerians] are to expect is job, job, job! We’re going to create jobs and then if you look at the budget, it’s an intervention budget for job creation. There are so many programmes that will run under them but all of them end up being for job creation.”
In alleviating the concerns of Nigerian farmers, Chief Audu Ogbeh, the Minister for Agriculture declared: “They [Nigerian farmers] should expect a key support in training, extension services, post-harvest management, in a bigger market abroad for their produce. They should expect innovations in livestock, tree crops. And the beautiful news is that the demand for Nigerian produce abroad has never been this high. That’s what makes it marvelous. And then the private sector; Nigerians are responding amazingly to the call for agriculture.”
Clarion call on all Nigerians
President Buhari, members of his cabinet as well the leadership of both arms of National Assembly have assured Nigerians that the budget will be well implemented when passed next year. However, it’s very crucial for all Nigerians, irrespective of tribe, political or religious belief, to ensure that the APC-led federal government is held accountable as far as the implementation of 2016 budget is concerned. It’s our responsibility, as citizens, to monitor, evaluate and ensure that the budget is adequately implemented. I see a big hope in the proposed “budget of change,” but whether it will translate into tangible results when eventually passed into an act is what is yet to be known. Fellow Nigerians, we must be vigilant!
Kofoworola Ayodeji for Naij.com
Kofoworola Ayodeji is a Nigerian writer and transformational speaker passionately involved in nation-building. Follow him on Twitter and Facebook.
This article expresses the author’s opinion only. The views and opinions expressed here do not necessarily represent those of Naij.com or its editors.
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