Abstract
The article examines Obasanjo’s public expenditure management reforms in Nigeria from 1999 to 2007. Anecdotal evidence indicated that public expenditure management (PEM) projects of the various regimes in Nigeria had been at best non-facilitator in fostering Nigeria’s Development. However, an evaluation of PEM during Obasanjo’s regime from 1999 to 2007, offers a heuristic insight into the political doldrums that not only undermine Nigeria’s development initia but also deconstruct Nigeria’s economic and political quantum. The implications of the study were explored in relation to due process in PEM and forensic accounting management in a third world country, Nigeria. Key words: Budgeting, public expenditure management, reforms, development.
Highlights
Budget is a financial plan embodying an estimate of proposals, which include expenditure and the proposed means of financing them, for a given period
Adebayo observed that the Nigerian fiscal system evolved and operated on principles that negated the main features of public expenditure management, which include among others allocation, efficiency and equity guided by the principles of needs, equity, stability and national interest (Ademolekun, 1983)
public expenditure management (PEM), by the nature of its evolution, power and role is used as an annual apparatus to implement government fiscal management
Summary
Budget is a financial plan embodying an estimate of proposals, which include expenditure and the proposed means of financing them, for a given period It is a shortterm financial plan, a political document couched in fingers, a management tool used for both planning and control, a device for ensuring a continuous monitoring procedure, reviewing and evaluating performance with reference to previously established standards, as an overall method of improving operations (Ademolekun, 1983). Up to 2003, as noted by Obasanjo in 2003, budgeting in Nigeria has been undisciplined and uncoordinated It lacks rigour at bureaucratic level, lacks clear vision and functional cooperation at the political level, with very little involvement of the civil society except for consultation with the organized private sector in the entire planning process, and suffers from ill-equipped and inefficient bureaucracy (Ukwu et al, 2003). In the light of these and the pervasive campaign/praises for Obasanjo‟s PEM reforms since 2003, this evaluation is both topical and relevant
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