Another Record Nigerian Budget

On November 6th, President Buhari presented the 2018 Budget to the National Assembly. Dubbed the 'Budget of Consolidation', the President made some bold statements, assuring Nigerians of his intention to finish capital projects. But beyond the numbers, the issues that most concern Nigerians pertain to how the budget process works, why it is often delayed and any material impact we can expect from government spending in 2018. 

The Budget Process

Procedures for presenting a budget vary across countries. In the United Kingdom, the Chancellor of the Exchequer submits the Budget to Parliament. In the United States, the President has to send the budget to Congress at least 8 months before the fiscal year begins.

In Nigeria, Section 81 of the constitution requires the President to lay out estimates of revenue and expenditure for the coming financial year, at any point in the preceding year. And addressing the situation when a budget has not