In the 2023 budget, Nigeria’s governance crisis persists
By John Eche
As Nigeria’s President Muhammadu Buhari signed the 2023 budget at the close of the year 2022, many were still very worried that that act was not going to be enough. And a lot of that concern also flowed from the same act of signing.
Incidentally, some further revelations also came out from the process and one has to do with the questionable ways and means disbursements to government from the apex bank. Section 38 of the CBN Act expressly outlines that not more than five percent of the expenditure of the previous year can be awarded as loans to the government for the next calendar year.
At the moment, the ways and means disbursements from the CBN to the government has shot up to very embarrassing levels. And rather than own up to primarily breached the law, the presidency is urging the National Assembly to urgently securitise the sums involved.
CBN Governor, Godwin Emefiele