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Why FG Annual Budget Failed to Perform- Akabueze

The so-called "unimplementable" annual budgets have been held responsible for the inefficient federal projects in the country.

Akabueze cautioned against assuming that Nigeria was a wealthy country, adding that the country was "in trouble" as a result of its declining borrowing capacity.

He added: "20,000 countrywide abandoned projects required $100 billion yearly"

The DG made a speech during the current induction of members-elect of the National Assembly in Abuja.

Akabueze pushed the incoming parliamentarians during the presentation to prioritize national interests over the interests of their constituents.

"The Federal Government of Nigeria doesn't have an organic budget law" he declared.

"Regrettably, there isn't a rule governing organic budgets, "One is being worked on in the 9th Assembly and should be approved before the session ends."

"I am unaware of any respectable nation in the world without an organic budget law."

Particularly when you consider the criteria used to define rich nations, "We are not a rich nation. We don't even have an oil-rich economy."

"A country like Saudi Arabia, which has 34 million people and produces 10 million barrels of crude per day, or Kuwait, which has 3 million people and produces 3 million barrels per day, are examples of oil-rich economies. We currently pump roughly 1.9 million barrels per day, with a population of over 200 million."

"Since we lack wealth, we must not succumb to the illusion that we are an oil-rich nation. We are a potentially wealthy nation, but we are not wealthy, let me be clear about that."To balance national and regional concerns, I, therefore, implore the National Assembly's new members."

"We currently have an essentially unworkable budget. Because they are not properly controlled, we have approximately 20,000 abandoned initiatives each year."

"We received a bad score today on the budget credibility index, which is measured."

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Akabueze DG


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