By Joe Ikechukwu
A former Director-General of the Budget Office of the Federation, Ben Akabueze, has highlighted the state of Nigeria’s public finance system, noting that more than 56,000 government projects remain uncompleted nationwide and outlining a framework of reforms to strengthen the alignment between national planning and budgeting.
Speaking at a high-level policy dialogue convened by the National Assembly’s Joint Committees on National Planning and Economic Development, Akabueze presented a detailed assessment of existing challenges alongside a structured pathway for reform, at a time of increasing fiscal pressures and rising development expectations.
At the core of his presentation was a central proposition: Nigeria’s challenge lies less in the availability of plans than in their execution.
According to him, “We are not short of ideas or frameworks,” he said. “The real task is translating plans into funded, implemented, and completed projects that improve citizens’ lives.”
A System Under Strain
The figure of over 56,000 uncompleted projects reflects deeper issues within the country’s fiscal governance framework. Although Nigeria operates a multi-layered planning system linking medium-term development plans with sector strategies and annual budgets, implementation has remained uneven.
Akabueze observed that these frameworks often operate in silos rather than in a coordinated manner, resulting in a focus on expenditure without sufficient emphasis on development outcomes.
He noted that countries with sustained economic growth typically treat their budgets as instruments for executing policy priorities, ensuring that spending decisions are closely tied to measurable results.
Factors Affecting Budget Performance
According to Akabueze, several interconnected factors continue to affect Nigeria’s budget performance. These include limited coordination among institutions, recurring revenue shortfalls, and rising debt service obligations, which constrain resources available for capital investment.
He also identified governance-related challenges such as procurement delays, inefficiencies, and policy discontinuity, where changes in administration can alter priorities and disrupt the continuity of ongoing projects.
Collectively, these issues contribute to a pattern in which public expenditure does not consistently translate into completed projects or improved service delivery.
Moving Toward Results-Based Budgeting
To strengthen outcomes, Akabueze proposed the adoption of a results-based budgeting framework that links public spending directly to measurable objectives.
Under this approach, national development goals would be systematically connected to policies, sector strategies, project selection, and performance indicators, ensuring that each allocation delivers verifiable impact.
This represents a shift from input-focused budgeting to an outcomes-driven model aimed at improving accountability and the effectiveness of public spending.
Reform Measures
Akabueze outlined several measures to support this transition, including the introduction of an Organic Budget Law to reinforce the connection between planning and budgeting, improvements in project design and costing, and enhanced strategies for revenue mobilisation.
He also highlighted the importance of digitising public financial management systems to improve transparency and real-time monitoring, alongside procurement reforms to facilitate more efficient project delivery.
Outlook for the 2026 Budget
On the 2026 budget, Akabueze noted areas of progress, particularly the increased emphasis on capital expenditure, infrastructure, and security.
He added, however, that revenue assumptions; especially those linked to oil, will need to be carefully managed to support effective implementation, given past experiences with shortfalls.
Importance of Policy Consistency
While outlining technical reforms, Akabueze emphasised the importance of policy consistency and institutional commitment in achieving results.
He called for strict adherence to approved budgets, timely release of funds, and sustained legislative oversight. He also underscored the need for continuity in project execution across administrations to maximise the value of public investment.
Looking Ahead
The presentation comes as Nigeria continues to balance fiscal constraints with growing development needs. Akabueze’s intervention underscores the importance of strengthening the link between planning and execution, with a focus on delivering tangible outcomes.
His recommendations point toward a system in which public resources are more closely aligned with national priorities and projects are carried through to completion.
For Nigeria, the priority going forward is clear: ensure that plans are effectively implemented, resources are efficiently utilised, and budget commitments translate into measurable progress for citizens.
*Joe Ikechukwu writes from Abuja.
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