…Akabueze: Budget process lacks clear laws, rules
By Christiana Ekpa
Vice President Senator Kashim Shettima and former Director-General of the Budget Office, Ben Akabueze, have called for urgent reforms to Nigeria’s budgeting system, stressing the need for a more realistic and sustainable process tied to national development goals.
They spoke on Tuesday in Abuja at a two-day National Policy Dialogue organised by the National Assembly Joint Committee on National Planning and Economic Development, with the theme: “The Imperatives of National Development Plan for Effective Budgeting System and Sustainable Growth of the Nigerian Economy.”
Represented by the Special Adviser to the President on Economic Matters, Tope Fasua, Shettima said Nigeria must accelerate development by better aligning annual budgets with medium- and long-term national plans.
He emphasised that budgeting should not be limited to tracking past shortcomings but should project the country’s future aspirations.
According to him, recent fiscal reforms and revenue measures introduced by President Bola Ahmed Tinubu’s administration are expected to improve revenue generation and strengthen the 2026 budget projections.
Shettima also defended the size of the national budget, noting that it should reflect development ambitions rather than constraints, while highlighting reductions in tariffs on essential raw materials and the removal of duties on key manufacturing inputs to boost productivity.
On his part, Akabueze identified weak links between planning and budgeting as a major challenge, noting that Nigeria currently has over 56,000 abandoned projects nationwide.
“A budget should be the compass that directs resources toward development priorities,” he said, adding that the country must shift from budgeting for expenditure to budgeting for outcomes.
He further pointed to the absence of a comprehensive budget law as a critical gap.
“Our budget process is not governed by clear laws and rules,” Akabueze stated, explaining that constitutional provisions guiding budgeting are vague and have contributed to persistent conflicts between the executive and the legislature since 1999.
He advocated the enactment of an organic budget law to clearly define processes, timelines, and responsibilities, thereby improving fiscal discipline, accountability, and development outcomes.
Both speakers stressed the need for stronger alignment between national development plans and budget implementation to drive sustainable economic growth.
