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BudgIT calls for a reform of the 2021 budget and an audit of security spending.
The federal government in Nigeria has been called out by BudgIT to revisit its budget of N13.6 trillion for the 2021 fiscal year.
In its publication, BudgIT highlights corruption loopholes in the 2021 budget process, calls for urgent reform.
BudgIT is a non-profit organisation that leads advocacy for transparency and accountability in public finance in Nigeria.
It is calling on the FG to audit security spending and close loopholes for corruption in the budget process.
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Speaking on BudgIT’s recent publication, “Demanding Budget Reforms for the Resources Optimization”, Gabriel Okeowo, BudgIT CEO, said “2021 has been a horrifying year for Nigerians concerning security as the country combats mutating forms of crime and terror across all its 36 states.
This is despite allocating over N10.021trn to security between 2015 and 2021.”
What to know about Nigeria’s 2021 budget
The Federal Executive Council, FEC, approved Nigeria’s budget in October 2020.
In the 2021 budget, the entire security sector’s allocation was N1.9trn representing a 14% increase from the N1.78trn allocated in 2020. Increased resources allocated to the security sector means that less money is available to develop other sectors.
There is a need for more security of the budget and expenditure of these allocations, BugdIT statement said.
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The global economic crisis and the domestic impact of COVID -19 were the backdrops of the 2021 budget. It proposed an aggregate revenue of N7.89 trillion in 2021.
There is also the issue of a fiscal budget deficit of N5.02 trillion which the FG says it will further finance through borrowing.
