Nigeria’s president raises concerns over 2018 budget

Nigeria's President Muhammadu Buhari assented to the country's 2018 budget more than a month after it was signed. In his speech, he expressed concerns over cuts amounting to 347 billion naira in allocations to 4,700 projects. Seun Onigbinde, co-founder of BudgIT, joined CNBC Africa to shed light on this issue. The 2018 budget has sparked various reactions in Nigeria, with different headlines portraying it as irregular, padded, and difficult to execute. Onigbinde criticized the budget, describing it as more of a political tool than a policy document. He highlighted how politicians add numerous projects to cater to their constituencies, thereby deviating from the budget's core purpose. This politicization intensifies as elections draw near, diverting attention from governance to politics. The tussle between the executive and legislature further complicates matters, with each side accusing the other of using public funds for political gains. Despite the president's hopes for a return to the January-December financial year, achieving this seems improbable given the budget timeline and upcoming elections. Onigbinde suggested the possibility of a supplementary budget to reallocate resources and align projects with national development goals. However, for this to succeed, democratic norms emphasizing dialogue, compromise, and mutual respect between branches of government must prevail.