Ahead of the President Muhammadu Buhari presenting the FY 2017 budget to the National Assembly on 14 December, 2016, the budget is already being analyzed by policy and governance experts. The N7.28 trillion budget being proposed for 2017, encompasses N2.078 trillion for capital expenditure and N2.9 trillion for recurrent expenditure, reflecting increments of 15.44% and 9.43% or N1.8 trillion and N2.65 trillion respectively over the FY 2016 budget.
Reacting to elements of the budget already in the public domain, policy and governance expert and MD/CEO Selonnes Consult, Mr Oseloka H. Obaze, characterized the 2017 draft budget, which is aimed at “new economic recovery and growth” as “assertive and optimistic”. However, he recalled that the 2016 budget was never fully funded and performed below 57%, yet he opined that the 2017 budget “might turn Nigeria around, only if fully funded and faithfully implemented.” Obaze also noted that the controversy over borrowing externally to augment the 2017 budget might eventually be inimical to the overall budgetary performance. “If the funds are not sourced on time and allotted expeditiously, there could be problems as available funds might be shifted to other pressing areas and envisaged capital projects delayed,” said Obaze.
Mr. Obaze is the former Secretary to the State Government of Anambra State, Nigeria from 2012 to 2015 - MD & CEO, Oseloka H. Obaze. Mr. Obaze also served as a former United Nations official, from 1991-2012, and as a former member of the Nigerian Diplomatic Service, from 1982-1991.
Selonnes Consult Ltd. is a Strategic Policy, Good Governance and Management Consulting Firm, founded by Mr. Oseloka H. Obaze who served as Secretary to Anambra State Government from 2012-2015; a United Nations official from 1991-2012 and a Nigerian Foreign Service Officer from 1982-1991.