[OPINION] 2018 Budget Of A Dysfunctional Country, By Anayo M. Nwosu

Next year, that is in 2018, Federal Government of Nigeria plans to borrow over N2.01 trillion to finance its annual budget of N8.61 trillion.

The government must borrow since it can only generate revenues of N6.61 trillion.

Please note that only N2.43 trillion will be allocated to all those wonderful capital projects like roads and other infrastructure we were promised.

Most of the infrastructural projects promised last year are being re-promised in the 2018 budget as they were not achieved last year just like in the year before.

Note that budget is a mere plan of how revenues would be received and how they will be spent. Reeling out plans is very easy but achieving the plans requires competence and discipline.

Most of what was planned in 2017 are yet to happen. They may still happen as our country is a nation of miracles. We are not very religious for nothing! We could pray nothingness into reality.

In 2018, it will cost the Federal Government about  N6.18 trillion to operate our country with only N2.43 trillion penciled down for providing or undertaking projects that can change our lives.

Note that federal government will still borrow N2.01 trillion to ensure that any project is done.

In other words, Nigeria as presently constituted can only benefit the operators of the government, their families, friends and cronies. That’s all.

Did you see last week on TV, the bipartisan criticisms by members of the two houses of the National Assembly as they discussed the 2018 Budget proposal by President Buhari? Some said that it was dead on arrival and others said that it was illusory as it was defective in assumptions.

The news from OPEC this morning  is not encouraging. The oil cartel has pegged Nigeria’s oil production to 1.8mbd and this would gravely affect the 2018 budget assumptions.

A fall in the oil prices next year will not be good for us and our 2018 budgetary plans.

It is sad that while we had a positive GDP last quarter which was driven by Agricultural and Oil Sectors, growth in Real and Services Sectors contracted.

If deposit money banks’ liquidity positions or their capacities to lend more money to the real sector at lowered interest rates do not increase in 2018, the nation shall witness more job losses and increases in specialized crimes from highly educated but unemployed youths.

I’m scared that a probable increase in  Boko Haram activities would increase the security expenses beyond budget hence making it difficult for our government to allocate resources to other needy areas.

Government at all levels need to reduce the cost of governance to free up funds for badly needed developmental areas that will impact on the masses.

For now, less than 2.2 million Nigerians either as political office holders or civil servants directly or indirectly consume about 80% of our revenues. The remaining 177.2million citizens get virtually nothing.

Our leaders seem not to understand this fundamental.

If we don’t hastily restructure the country, we shall continue to dream, wake up and dream again of an elusive change we shall never behold.