It is no longer news that President Muhammadu Buhari has signed the 2018 budget into power. But the statement made by the Nigerian leader afterwards are quite key. The signing of the budget had been anticipated by Nigerians who have described it as an "over due" project.
But after signing the 2018 budget, the president addressed Nigerians on how he feels after signing the document.
Below are 15 key things he said after assenting the budget:
1.Let me thank the leadership of the National Assembly, particularly the Senate President and the Speaker of the House of Representatives, as well as all the Distinguished Senators and Honourable Members, for passing the 2018 Appropriation Bill, after seven months.
2. When I submitted the 2018 Budget proposals to the National Assembly on 7th November 2017, I had hoped that the usual legislative review process would be quick, so as to move Nigeria towards a predictable January-December financial year. The importance of this predictability cannot be overemphasized.
3. While the Federal Government's budget represents less than 10% of aggregate yearly expenditures in the economy, it has a very significant accelerator effect on the financial plans of other tiers of government, and even more importantly, the private sector, which mostly operates on a January-December financial year.
4. Notwithstanding the delay this year, I am determined to continue to work with the National Assembly towards improving the budgeting process and restoring our country to the January-December fiscal cycle.
5. I note, with pleasure, that the National Assembly is working on the enactment of an Organic Budget Law, so as to improve the efficiency of the nation's budgetary process.
6. As I mentioned during the presentation of the 2018 Appropriation Bill, we intend to use the 2018 Budget to consolidate the achievements of previous budgets and deliver on Nigeria's Economic Recovery and Growth Plan (ERGP) 2017-2020.
7. It is in this regard that I am concerned about some of the changes that the National Assembly has made to the budget proposals that I presented. The logic behind the Constitutional direction that budgets should be proposed by the Executive is that, it is the Executive that knows and defines its policies and projects.
8. Unfortunately, that has not been given much regard in what has been sent to me. The National Assembly made cuts amounting to 347 billion Naira in the allocations to 4,700 projects submitted to them for consideration and introduced 6,403 projects of their own amounting to 578 billion Naira.
9. Many of the projects cut are critical and may be difficult, if not impossible, to implement with the reduced allocation. Some of the new projects inserted by the National Assembly have not been properly conceptualized, designed and costed and will therefore be difficult to execute.
10. Furthermore, many of these new projects introduced by the National Assembly have been added to the budgets of most MDAs with no consideration for institutional capacity to execute them or the incremental recurrent expenditure that may be required.
11. As it is, some of these projects relate to matters that are the responsibility of the States and Local Governments, and for which the Federal Government should therefore not be unduly burdened.
12. Another area of concern is the increase by the National Assembly of the provisions for Statutory Transfers by an aggregate of 73.96 billion Naira. Most of these increases are for recurrent expenditure at a time we are trying to keep down the cost of governance.
13. An example of this increase is the budget of the National Assembly itself which has increased by 14.5 billion Naira, from 125 billion Naira to 139.5 billion Naira without any discussion with the Executive.
14. Notwithstanding the above stated observations, I have decided to sign the 2018 Budget in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget.
15. However, it is my intention to seek to remedy some of the most critical of these issues through a supplementary and/or amendment budget which I hope the National Assembly will be able to expeditiously consider.