Why FG Annual Budget Failed to Perform- Akabueze

The Director-General of the Budget Office of the Federation, Mr. Ben Akabueze, has attributed the inefficiency of federal projects in Nigeria to the "unimplementable" annual budgets. Speaking during the induction of members-elect of the National Assembly, Akabueze urged incoming parliamentarians to prioritize national interests over the interests of their constituents. He also highlighted the lack of an organic budget law in the country, stating that work is being done to create one in the current 9th Assembly.

Akabueze cautioned against assuming that Nigeria was a wealthy country, pointing out that the country's borrowing capacity was declining. He emphasized that Nigeria was not an oil-rich nation, but a potentially wealthy one. He urged the new members of the National Assembly to find a balance between national and regional concerns to address the approximately 20,000 abandoned initiatives each year due to poor budget implementation. He also noted that Nigeria received a bad score on the budget credibility index, which measures the effectiveness of a country's budgeting process.

Akabueze highlighted the need for an organic budget law in Nigeria and urged the incoming members of the National Assembly to prioritize national interests over the interests of their constituents. He also cautioned against assuming that Nigeria was a wealthy nation and stressed the need to address the inefficiency of federal projects caused by poor budget implementation.

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