Assessing the Adequacy of Budgetary Institutions in Nigeria

Abdulhakeem Kilishi

No 6, Working Papers from Department of Economics, University of Ilorin

Abstract: In many developing countries including Nigeria budget process is faced with different challenges such that the budget could not meet the socio-economic needs of the people. Therefore, budgetary reforms were carried out to improve fiscal performance, despite that there has not been significant change in budget outcomes. This paper examines the adequacy of existing institutions in Nigeria, which is the aftermath of various fiscal reforms in the country. Content analysis of the two main sources of budget institutions (the Fiscal Responsibility Act and the 1999 Constitution) is carried out. The analysis shows: (i) a lack of comprehensive fiscal calendar stating the timeline for budget activities in a sequential order; (ii) a fragmented central budget power and responsibility which creates coordination problem; and (iii) unrestricted legislative power to amend budget. The paper concludes that there is need to review and amend relevant sections of the Fiscal Responsibility Act and the 1999 Constitution so as to resolve these inadequacies. The paper suggests that some level of hierarchical rules should be introduced such that there is a single central budget authority to coordinate, monitor and evaluate budget performance as well as enforce compliance to the fiscal rules.

Keywords: Budget; Institutions; Fiscal Responsibility Act; Adequacy; Budget Calendar (search for similar items in EconPapers)
JEL-codes: P37 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2020-08-22
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