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Co-founder of BudgIT, Seun Onigbinde, has criticised the budget process under President Bola Tinubu’s administration, saying the government has failed to demonstrate fidelity to the country’s budgeting framework and raising concerns about the credibility of its fiscal planning.
Speaking on Politics Today, a Channels Television programme, Onigbinde argued that the current administration either lacks commitment to the budget process or has entrusted its implementation to officials who do not fully understand how budgeting should be carried out.
“I think the current government doesn’t have fidelity to the budget process, or possibly the managers they put in place do not even properly understand how a budgeting process should be done. The budgeting process must be time-bound,” he said.
The public finance expert also faulted the management of key economic reforms, particularly the removal of fuel subsidy and the devaluation of the naira, saying the government failed to adequately anticipate their broader implications for Nigeria’s fiscal stability.
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According to him, poor handling of fiscal policies by successive managers has contributed to the country’s economic challenges, especially the rising cost of servicing public debt.
“There have been bad managers of the fiscal policies of this country. They removed subsidy and devalued currency, and they did not properly understand the wider implications of that on debt service,” Onigbinde stated.
He stressed that major economic reforms should be backed by sound fiscal planning and effective implementation to minimise unintended consequences on government finances and the wider economy.
Onigbinde’s remarks come amid ongoing public debate over Nigeria’s budget implementation, fiscal reforms and the government’s efforts to stabilise the economy in the face of inflation, debt pressures and foreign exchange challenges.
