2016 Budget: Economic experts worry over strict implementation

President Buhari joined the likes of Vice President Yemi Osinbajo, as he President Buhari signs the 2016 budget into Law in Statehouse on 6th May 2016

Economic experts have expressed concern over the full implementa-tion of 2016 budget that was passed into law by  President Muhammadu Buhari last week.

Signing into law N6.06 trillion 2016 budget many have expressed doubts over some aspects of the document, especially the ability of government to generate funds needed to finance the budget.

This is coming on the heels of dwindling global oil prices as government 70 per cent revenue comes from the Oil and Gas sector.

Mr. Emeka Okolo and Higo Aigboje, both economic analysts, in separate interviews express-ed that the budget looked good on paper, but if past experiences are anything to go by, its implementation may just be the problem.

Managing Director, Molten Trust Limited, Mr. Okolo said: “What I am concerned about is that the budget should be implemented; we are no longer interested in discourse everyday again; we want implementation of the budget. On paper, it is good, but implementation is always the issue.

“I know that some will say that the main issue is that borrowing is too much, borrowing is not the issue. The main issue is to use the borrowing for what it is meant for, that is the bottom-line. If they can implement it faithfully, that is okay”.

Also reacting on the 2016 budget, the Managing Director/Chief Executive Officer, Capital Bancorp Plc, Mr. Aigboje, said. “The 2016 budget is very positive if it is faithfully implemented and can bring about economic prosperity. Nigeria’s problem is not about budgets, but about the implementation process.”




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