In a bid to enhance transparency, accountability, and efficiency in the implementation of Nigeria’s 2024 budget, the Speak Out Africa Initiative (SOAI) has launched the iWatch The Budget Initiative.
The project aims to actively monitor and expedite funds release to ministries, departments, and agencies (MDAs) for effective execution of the 3.8 trillion naira budget, which was recently passed by the National Assembly and signed by President Bola Tinubu, said the director of SOAI, Kenneth Eze.
Speaking at the launching in Abuja on Thursday, Eze commended the speedy approval of the budget but also expressed concerns about the historical challenges in Nigeria’s budget execution, including delayed funds release and poor project implementation.
He said; “This team, composed of independent experts outside government paraphilia and reputable CSOs representatives, would serve as a watchdog and report directly to Mr. President himself for factual and real-time situational-report, ensuring adherence to budgetary provisions, transparent fund disbursement to MDAs”
SOAI highlighted the need for a more robust oversight mechanism to ensure tangible impacts on the lives of Nigerians, especially the vulnerable population.
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Speaking further, Eze called on President Tinubu to establish a Budget Implementation Policing Team, comprising independent non-government experts and civil society organisations.
“ This team would work in collaboration with the office of the special adviser to the president on policy coordination, led by Hadiza Bala Usman to supervise cabinet ministers. The goal is to spotlight, track and oversee the entire life-cycle of the 2024 budget implementation, including funds releases and utilisations”
SOAI said it will leverage technology, data, and citizen engagement to track and report on the progress and challenges of the budget implementation.
“The goal is to hold government accountable for its promises and commitments, fostering a working budget that addresses the needs of the people.
“Also, under this project, some states are on our radar, these states are Enugu, Lagos, Akwa Ibom, Kano, Bauchi, Rivers, Kaduna, Federal Capital Territory Abuja, and a few others against the backdrop of several key parameters.
“The standard barometer to be deployed to evaluate budget performance against key budgetary parameters as applicable to both federal and state governments are budget volume, capital expenditure ratio to recurrent, direct people-oriented budget content, period of budget passage and implementation kick-start period, FAAC allocation, IGR generation, loan and borrowing to fund budget and lastly budget implementation transparency as budget performance parameters (BPP) – this shall be the indicators and hallmark of our assessment,” Eze added.
