Posted by Even though it’s already been four months into the fiscal year of 2024, the federal government has not started implementing the capital component of the national budget for 2024, which has numerous consequences for the economy.
This came at the same time that the government announced it has disbursed cash to all relevant ministries, departments, and agencies in order to carry out capital projects scheduled for 2023.
For the fiscal year of 2024, the “Budget of Renewed Hope” proposes spending N27.5 trillion, with an anticipated revenue of N18.32 trillion and a surplus of N8.7 trillion.
The government is still implementing the capital allocations of the 2023 budget, which was extended by the National Assembly at the end of 2023, according to Accountant General of the Federation Mrs. Oluwatoyin Madein. She explained that when the MPs who should have issued a directive were unable to do so, she and the ministers of finance, coordinating minister of the economy, and budget and economic planning conferred and decided to carry out the 2023 budget as planned.
The AGF made it clear that they wanted the financial plans to be submitted by March 15th and March 21st. “We did that on 15th March while we are still working on the one for 21st March,” she remarked yesterday at a 1-day stakeholders interactive/sensitization workshop on the amended policy on cash management and bottom-up cash planning.
This might make it harder for the government to stick to its 2021–2025 national development plan and its January–December budget cycle. There are a few subnationals whose budgets are directly related to the federal budget, such as contractors and other direct recipients.