Critical Assessment of 2020 Annual Budget In Nigeria Critical Assessment of 2020 Annual Budget In Nigeria

Abstract

The paper examines national budget implementation focusing on the 2020 budgets of Nigeria by juxtaposing the actual performances of the budgets against the projections. The findings of the study revealed that there is  significant  relationship  between  politics  of  accommodation,  poor commitment,  compromised  budget  monitoring,  culture  of  corruption  and budget  implementation  in  Nigeria. It  was  also  found  that  the  proportion  of  actual  capital expenditure  in  aggregate  expenditure  was  abysmally  low  and  capital  budget  implementation  was  awfully  poor.  The paper elucidated some possible causes, implications and policy options. The  study  also  recommended  among others  that approved  budgets  should  be  religiously  implemented  without considering  or  accommodating  the  personal  or  selfish  interests  of  different stakeholders  in  the  political  system,  there  should  be  genuine  and  high-level commitment  to  the  execution  of  budgets  after  their  approval  so  that  such budgetary allocations and  provisions can translate into concrete development in  all  the  envisaged  sectors,  and  there  should  be  an  efficient  and  effective monitoring  of  approved  budgetary  projects  as  well  as  zero  tolerance  for corruption.