The Brain Builders Youth Development Initiative (BBYDI) expresses serious concern over the Nigerian government’s plan to concurrently manage four separate budgets: the 2023 national budget, the 2023 supplementary budget, the 2024 national budget, and an anticipated 2024 supplementary budget. This practice threatens to undermine the credibility and reliability of Nigeria’s fiscal planning and resource allocation.
Running multiple budgets simultaneously introduces fragmentation that complicates revenue allocation and negatively impacts service delivery and infrastructure projects. Effective governance requires a unified and disciplined approach to budgeting, which is essential for ensuring that public funds are utilised efficiently and transparently.
“Concurrent budgeting disrupts fiscal discipline and leads to inefficiency,” said Abideen Olasupo, BBYDI’s Global Director. “We advocate for a return to a disciplined January to December budget cycle to promote more effective governance and fiscal responsibility.”
BBYDI stresses the importance of transparent and accountable budgeting processes. Transparency enhances public trust, ensures better tracking of expenditures, and optimises the use of public funds. A credible budget process is crucial for fostering a trustworthy relationship between the government and its citizens.
BBYDI calls on the Nigerian government to enforce stringent budgetary discipline and reform measures. It is imperative to establish a robust framework that ensures all budgeting processes are transparent and accountable. This will help restore public confidence and ensure the effective implementation of development projects.
We also emphasise the need for stakeholder engagement. BBYDI encourages collaboration between the government, civil society organisations, and financial experts to develop sustainable and effective budgeting practices. Such cooperation is vital for creating a secure and prosperous future for all Nigerians.
“Stakeholder engagement and collaboration are key to developing effective budgeting practices that can drive national development,” Abideen added. “BBYDI remains committed to supporting Nigeria in enhancing its budgetary processes and promoting a secure and prosperous future for all.”
Signed
Sanni Alausa-Issa
Director of Communications