Policy Briefs
Selonnes Policy Tidbits: | FY 2024 Budget not Contingent on FY 2023 Budgetary Performance.
During the presentation of the FY 2024 budget estimates, on 29th November, 2023, assertions were made to the effect that “aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP… and that as of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.”
Fair Enough! But there is a critical missing factor. As part of the continuity in Governance (CiG) principles, the executive presentation should have indicated the level of performance of the FY 2023 budget in percentiles. That assessment would have flagged the unimplemented components of the 2023 budget; the unmet needs and areas that need to be prioritized in 2024 for sustainability sake. Such best practices will also ensure that there are no budgetary duplication. The APC ruling government is yet to get its hands firmly on the governance rudder wheels.
