7 Months After, FG yet to implement 2024 Budget

Seven months into the 2024 fiscal year, the federal government is yet to begin implementation of the capital component of the 2024 national budget which has many implications on the nation’s economy.

The non-implementation has created fear and concern among the legislators who believe the essence of the timely passage of the budget is gradually being defeated.

A senator from the North Central who spoke to our correspondent on condition of anonymity on Monday decried that the current increased hardship is as a result of non financial stimulation in the economy, according to him , “ I expected the Federal Government to have began implementation of the 2024 budget which would fuel circulation of money in the economy.

“The delay has created scarcity of everything and it’s very unfortunate that the Federal Government is not yet willing to implement the budget. In few months time we would be talking about 2025 budget when 2024 is yet to be implemented. In the last administration, it was unheard of that seven months into the fiscal year, nothing was done. “ the Senator said

The 2024 fiscal budget was signed into law by President Bola Tinubu, details of the “Constituency Projects” fund totalling N100 billion are yet to be implemented.

Constituency projects are also known as Zonal Intervention Project (ZIP).

The Constituency projects are mostly nominated by the members of the legislature and inserted into the budget for implementation in their respective constituencies. However, there are concerns that the details of the fund are not yet published to enable proper tracking of such projects.

This development is coming following the approval of N28.78 trillion as fiscal appropriation for 2024, January 1.

The approved budget was an increase of over N1.2 trillion from the N27.5 trillion proposal that Tinubu laid before the joint sitting of the National Assembly on November 2023.

Contained in the approved budget are projects nominated by the 469 members of the National Assembly worth N100 billion as ZIP, also called constituency projects, to ensure equity in the allocation of projects sited in the constituencies of state and federal lawmakers by various Ministries, Departments, and Agencies (MDAs) of government in the budgets of the federation or state.