THE CAUSES AND IMPLICATION OF DELAYED PASSAGE OF 2018 BUDGET ON THE NIGERIAS ECONOMIC RECOVERY AND GROWTH PLAN

Abstract

The study utilized descriptive techniques in the assessment of the impact of sectoral allocations of Nigerias 2018 annual budget on selected macroeconomic variables of GDP growth rate, Exchange rate, Inflation, Oil prices, Oil production, Debt servicing among others and the 2016 Nigerias Economic Recovery and Growth Plan (ERGP). We identified some gray areas in the budget, budget padding, constitutional lacuna, non-compliance with fiscal responsibility Act, late preparation and consideration of medium-term expenditure framework, political face-off between the National Assembly and the executive, lack of patriotism as the causes of the long delay in the consideration and passage of the 2018 budget by the national Assembly. The study therefore recommends amendment of the 1999 constitution, sanctioning of erring Ministries, Departments and Agencies (MDAs) and deployment of ICT in budgeting tracking by civil society groups, communities and the general public.