Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, highlighted Nigeria’s relatively low annual budget compared to other countries. He noted that South Africa, with a population of about 60 million, has an annual budget of $150 billion, whereas Nigeria’s 2024 budget is $15 billion for a population of around 200 million. This results in a per capita allocation of just $75 for essential services like health, agriculture, security, and education, which Fasua argues is grossly inadequate.
Wahab Omoniyi, author of the book *Budget as a Policy Instrument for Public Financial Management*, emphasized the need for improved budgetary education. He suggested incorporating budgetary studies into secondary school curricula to enhance understanding among students about the importance of budgeting.
Omoniyi stressed that fundamental knowledge of budgeting is crucial for households and small businesses. Dr. James Neminebor, President and Chairman of the Council of the Association of National Accountants of Nigeria (ANAN), also underscored the significance of budgeting as a tool to prevent financial crises in enterprises and government.
For the 2024 fiscal year, Nigeria’s proposed budget is NGN27.5 trillion with an estimated revenue of NGN18.32 trillion.
