Abuja: Mr Ben Akabueze, a former Director-General of the Budget Office of the Federation, has revealed that more than 56,000 government projects remain uncompleted across Nigeria, indicating significant gaps in the country’s public finance system. Akabueze made these remarks on Monday during a policy dialogue organised by the National Assembly’s Joint Committees on National Planning and Economic Development in Abuja. He emphasized that Nigeria’s issue is not the absence of development plans but the weak implementation of these plans.
According to News Agency of Nigeria, Akabueze pointed out that while Nigeria operates a multi-layered planning system that connects medium-term plans, sector strategies, and annual budgets, the implementation has been inconsistent. He explained that these frameworks often operate in isolation, leading to spending patterns that do not sufficiently reflect development outcomes. He highlighted that countries with sustained growth align their budgets closely with policy priorities and measurable results.
Akabueze identified several key factors affecting budget performance, including weak institutional coordination, revenue shortfalls, and rising debt service obligations, which limit funds for capital projects. He also noted challenges such as procurement delays, inefficiencies, and policy discontinuity, with changes in administration often disrupting ongoing projects. These issues, he said, result in public spending that does not consistently translate into completed projects or improved service delivery.
To address these gaps, Akabueze proposed adopting a results-based budgeting system that ties government spending to measurable outcomes. He suggested this approach would link national development goals with policies, sector strategies, and project implementation, ensuring accountability and impact. He also recommended enacting an Organic Budget Law to strengthen the connection between planning and budgeting, improved project design and costing, as well as enhanced revenue mobilisation.
Akabueze emphasized the need to digitise public financial management systems to boost transparency and real-time monitoring, along with reforms in procurement processes. Regarding the 2026 budget, he acknowledged improvements in capital expenditure, infrastructure, and security allocations. However, he cautioned that revenue projections, particularly oil-related earnings, must be carefully managed to avoid implementation challenges.
He stressed the importance of policy consistency, adherence to approved budgets, timely release of funds, and sustained legislative oversight. Additionally, Akabueze called for continuity in project execution across administrations to maximise public investment. Strengthening the link between planning and execution, he noted, would ensure efficient use of resources and delivery of tangible benefits to citizens.