President Buhari’s ‘budget of change’ had some changes and modifications after the criticisms of the initial version presented on December 22, 2015.
While the main financial document of the country is yet to be approved, defavouredkings blog offers you to have a look at seven president’s men who will be in charge of the biggest shares.
1. Professor Yemi Osinbajo, the vice president
Vice President Yemi Osinbajo is yet to fully resume as Nigeria’s acting president
The vice president will be in charge of the prior-mentioned social intervention programmes, which have a collective funding up to N500 billion. Professor Osinbajo has also declared himself as being in charge of the economy, presides the regular meetings of the National Economic Council. Therefore, his role will be central to the execution of the whole budget.
2. Bukola Saraki, the Senate president
Saraki meets Christine Lagarde, the managing director of the International Monetary Fund
Any hope of ever getting the details of the N115 billion budget of the National Assembly (NASS) will rest on Saraki’s leadership. The NASS will also need to exhibit tougher oversight functions on the budget and the review of relevant laws and bodies governing budget implementation, such as the Fiscal Responsibility Commission.
3. Babatunde Fashola, the minister of works, power and housing
President Muhammadu Buhari and his two new ministers: Rotimi Amaechi (L) and Babatunde Fashola (R).
The former governor of Lagos state has been dubbed the ‘super minister’, considering the size of the ministries he leads. With a budget of N467 billion, approximately 25% of the entire capital spending will be under his responsibility. Therefore, Babatunde Fashola will be an important force in actualising the seismic shift needed to improve infrastructure in Nigeria.
4. Udo Udoma, the minister of budget and national planning
Udoma Udo Udoma speaks during the senate screening of new ministers in Abuja, Nigeria October 13, 2015. Picture taken October 13, 2015. REUTERS/Stringer
With the severance of the Budget Office from the Ministry of Finance, Senator Udo Udoma will be critical, in terms of resource allocations, the planning and coordination of the budget. A provision of N1 billion has been made for Nigeria’s infrastructure masterplan and the finer disbursement details of these funds will be very important to long-term planning and could possibly constitute a yardstick for future endeavours.
5. Rotimi Amaechi, the minister of transport
Minister Rotimi Amaechi commissions a train, December 2015.
The former governor of Rivers state oversees the largest portion of the capital budget, including allocations for the railway project (this is up to N90 billion, covering Lagos, Kano, and Itakpe) as well as a commitment of N52 billion for the nation’s inland waterways. Should he utilise strategic actions and an unwavering stance, the minister has the capacity to be credited with the ability to tangibly create jobs and also opportunities for sustainable income redistribution across Nigeria.
6. Major-General Abayomi Gabriel Olonisakin, the chief of defence staff
Abayomi Olonisakin should resume military procurements for effective fight against terrorism
The federal government allocated N134.57 billion for capital expenditure at the ministry of defence, with the overall objective of ending the nation’s security challenges. It is expected that N1 billion will be spent on the procurement of security equipment; N1.39 billion on procurement of houseboats; N5.6 billion on defence equipment; N2 billion to kit armed forces personnel; N4 billion for the procurement of ammunitions and N14.8 billion for the acquisition of capital patrol platforms, among others. Going forward, as Nigeria battles to end insurgency and regional and international forces merge to contain global terrorist threats, this office will remain pivotal, particularly with respect to the disbursement and management of resources at its disposal.
7. Audu Ogbeh, the minister of agriculture
Minister Audu Ogbeh plans to spend a huge portion of funds on R&D
Curiously, the Ogbeh’s ministry plans to spend more than a fourth of its budget – 86%, which is worth N32 billion – on research and development. Very scant information is available on the type of research and development activities to be undertaken. As a country which was once a cash-and-staple-crops powerhouse but is now one where (though about 75% of its land is arable) only about 40% of its land is cultivated, the ministry of agriculture therefore deserves closer scrutiny, alongside enhanced budgetary allocations.
Note: The rating is based on the studies by BudgIT, a civic organisation that works to make the Nigerian budget and public data more understandable and accessible for everyone.
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