How government can remedy defects in budget formulation, implementation ― NSE fellow

IBADAN-based businessman and a Fellow of the Nigerian Society of Engineers (NSE), Mr Femi Babalola, has suggested ways governments at all levels can remedy defects in public budget formulation and implementation.

Babalola, while featuring as a guest lecturer during the 27th annual Arokodare memorial lecture put together by the Nigerian Society of Engineers (NSE), Ibadan branch in memory of late Lawrence Arokodare titled: “Public Budget Formulation And Implementation Defects In Nigeria: Causes, Effects And Remedies”, held at the Otunba Subomi Balogun Conference Centre, University of Ibadan, recently, noted that Nigeria’s budget is characterised by certain embarrassing financial drama.

He said: “We assume every project was conceived and prioritised in the first instance to be completed. In Nigeria, we see situations where many projects get abandoned along the line according to the Director of Administration of the Chartered Institute of Project Management of Nigeria, there were at the time the institute carried out the survey, approximately 56,000 abandoned government projects estimated at over N12trillion across the country’s geopolitical zones.

“This is consequent upon politicisation of projects funds and approval because politicians are only interested in lobbying new projects initiated by them into the budget.”

He, therefore said that government could create a budget and synchronisation office with primary responsibility to create an interface for the management of an integrated plan which the various government could key into while building their respective independent budgets.

Babalola, also posited that there is a need for synergy of effort to create a development plan and possibly integrated budget capable of promoting awareness and cooperation among government at all levels as well as their agencies towards the proper building of society.

“Creation of holistic design and budget plan for a long period of time which indicates various needs of each particular community is capable of providing a guide for governments and agencies to identify, agree and embark on projects where they have the advantage to execute. This is also capable of establishing linkage for stakeholders to create project plans that promote synergy of effort for a better society,” he said.

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