By Ikechukwu Samuel
Renowned economist Professor Akpan Ekpo has described Nigeria’s budgeting process as being in serious disarray, calling for urgent reforms to restore transparency, accountability and fiscal discipline.
Ekpo made the remarks while reacting to concerns over alleged irregularities in budget implementation and growing public dissatisfaction over government spending.
He said Nigeria’s budget process has deteriorated over the years, making it increasingly difficult for citizens to track how public funds and borrowed resources are allocated.
According to the professor, weak oversight by the National Assembly and entrenched corruption have contributed significantly to the decline in the integrity of the country’s budget system.
He lamented that despite rising government revenues and increased borrowing, Nigerians continue to struggle with poor healthcare, inadequate education, unreliable electricity and deteriorating public services.
Ekpo questioned why citizens have not experienced corresponding improvements in living standards despite government claims of improved revenue performance.
He also criticised the continued operation of multiple budgets simultaneously, noting that the Federal Government had promised to harmonise the process months earlier without achieving the objective.
The economist argued that budget implementation has become increasingly opaque, making it difficult to determine whether public projects deliver value for money.
During the discussion, another analyst alleged that questionable project allocations and repeated borrowing without adequate accountability have weakened public confidence in government finances.
Although Ekpo did not endorse every allegation raised, he agreed that the budgeting system requires a comprehensive overhaul to eliminate inefficiency and improve transparency.
He called for a national conversation involving government institutions, lawmakers, civil society organisations and financial experts to redesign Nigeria’s budget process.
The professor concluded that without stronger legislative oversight, improved transparency and greater public accountability, Nigeria’s fiscal challenges and public distrust are likely to persist.
