The Politics of Budgeting

Every year, governments across levels come up with the financial estimates for the day to day running of government business, and for the pursuit of  certain projects for the society.

A typical budget is comprised of two basic components namely: public revenue which represents the different sources through which the government hopes to generate income to finance its proposed expenditure. The other part is public expenditure which consists of list of things and or projects that government is embarking upon in any given fiscal year. Each of these subdivision can be further divided into: Capital receipts and recurrent revenue for the public revenue component; and capital and recurrent expenditure for the Public Expenditure component.

The budget as a financial blue print revealing the dynamics of the state concerning the raising and spending of government revenue over the years has continued to be a subject of debate in Nigeria and even in the most developed world. This is because, it serves to a large extent as the basis for authoritative allocation of values, i.e the resources of the State. In other words, it determines who gets what, when and how in the society.

It is therefore not surprising that it is often riddled with a lot of political intriguing and lobbying. While, there are those who sees the budget as a medium to enrich their personal pockets as it is often the case in developing countries like Nigeria, there are those who use it as a medium to corner the resources of the State to benefit their ethnic stocks and tribes. Thus, there can't but be conflict of interests among the policy makers and stakeholders in the society.

In fact and for instance, the three basic arms of government made up of the legislature, the executive and the judiciary are often at loggerhead as to what percentage of the budget of the State should go into their daily operations. So there is also another level of fight at this level.

Wither way we look at it, budget essentially is more of politics than economics for most of often than not, what constitutes the budget of a country is hardly a product of rational thinking, but more of political consideration. Hence, there seems to be a misplacement of priority in the budget of a country of nation states especially in countries like ours where primordial sentiments is the other of the day.

In fact, the debate about the timing of the budget in terms of its passage by the country's legislature and in its implementation is also rooted in politics. A legislative house for instance may deliberately delay the passage of budget if its interest are not well accommodated as we have seen in recent time with the National Assembly. Through delay of a country budget, the legislature can arm twist the executive to do its bidding since the government lacks the power to make any financial transaction except in accordance to the rules and regulations of the  Constitution.

I however would like to state here that there seems to be a misconception about the fiscal year of a budget and the typical calendar year in Nigeria. They are not the same. While the normal calendar year runs from January to December, the fiscal year can run from one month of the year to the month of the year in another year says: May 2018 to May 2019. In this case, the present passage of this year budget may not be out of place considering the fact that the 2017 was passed and signed into law in June 2017.

EKITI ELECTION- Which Way?

The event in Ekiti State has been somehow interesting and appalling. I doubt if there is any State in Nigeria that can boast of up to or close to 50 gubernatorial aspirants as the State did in recent time with the All Progressives Congress alone having 33 aspirants in its kitty. The rest is history. Prof. Olusola Eleka, the present Deputy Governor is the flagbearer for the People Democratic Party, and the erstwhile Govenor of the State, Dr Kayode Fayemi is the All Progressives Congress candidate for the July 14 Election.

There is no doubt that the election is majorly between these two gladiators. Others aspirants from other political parties are mere political spectators except something drastic and unimaginable happens. Given this, it there fore means for the first time and on face value, the people of the State will be choosing between two intellectuals, a professor and Ph.d holder. What this means is that the State which is known as Fountain of knowledge is now being represented by people who represents its value- a passionate believe in education.

However, that seems to be where it stops. For instance, there is this apprehension that Eleka is going to be nothing but the stooge of the outgoing Governor Peter Ayodele Fayose, and given its perceive overbearance, and sometimes, unbecoming attitude, this may not portend good omen for the people of Ekiti State.

How about Dr Kayode Fayemi? Many see it second coming as a Governor as a misplacement if he eventually win. Some are of the view that he is out of touch with the socio-economic realities of The State, hence, his pursuit of seemly
elitists policies. On the other hand, some are of the opinion that he is one of the few Governors in the State with enduring legacies projects across the nooks and crannies of the State.

The question therefore is who is the best among the duo. One is a tested person, the other is a potential yet to be uncovered. My prayer is for the good people of the State to make the right choice that will promote maximum happiness for the greatest numbers.