Experts Decry Delay In Passage Of Budget

Financial experts have decried the recurring delays in the passage of the annual national budgets, which appear to have become a culture. The experts who spoke in separate interviews, say the delay has been identified as one of the  factors hampering capital expenditure and national economic development in the country. The director-general, Nigeria Employers’ Consultative Association (NECA), Mr Timothy Olawale said that the habit of passing the annual budgets late, if allowed to continue, would retard the economy. He said:  “It is disheartening and worrisome. The continuous delays in budget passage year-on-year is a major source of concern to the Organised Private Sector (OPS).’’ Prof. Sheriffdeen Tella, Professor of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun State, said perennial delays in passing yearly budgets showed that the legislature was ignorant of its responsibility. “The perennial delay in passing budgets indicates that the legislature is either ignorant of its responsibility or deliberately frustrating the efforts of the executive arm to perform,” Tella said. He said early passage of the budget would promote economic growth and development. “The Nigerian economy depends on government’s budget to function properly,” he said, adding, “The private sector particularly needs to see government direction to plan and execute their plans. “Early passage of budget helps in this regard. The private sector is the major participant in the capital market. Growth enhancing activities in the capital market are negatively affected by the delay in passing the budget.” He noted that passing the federal budget in good time was capable of promoting economic growth, assisting private sector for optimal business performance as well as energising money and capital market activities. He explained that early budget passage would promote planning in the lower levels of governments and the private sector.