Tinubu’s 4 concurrent budgets recipe for chaos – Obi

Presidential Candidate of the Labour Party (LP) in last year’s elections Mr Peter Obi, has said President Bola Ahmed Tinubu administration’s running of four different national budgets concurrently is a recipe for frivolity, chaos, confusion, and catastrophe.

In a series of posts on his X handle, on Saturday, Obi said the development is a flagrant disregard for fiscal responsibility, transparency and accountability.

Daily Trust reports that the two chambers of the National Assembly held emergency plenary sessions on Thursday to consider President Tinubu’s request and eventually extended the capital section of the 2023 main and supplementary budgets; and also approved that the budgets are to run concurrently with the 2024 national budget, while awaiting the 2024 supplementary budget from the presidency.
Obi, however, said that the development indicates that Nigerian leaders are out of touch with reality and lack the competence to manage the nation’s finances effectively.
“All available evidence has confirmed that the Nigerian government is implementing four national budgets concurrently. This is in blatant disregard for fiscal responsibility, transparency, and accountability.

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“This intentionally action will lead to frivolous items in the approved budgets competing with essential projects for limited resources, further exacerbating the suffering of the Nigerian people.
“Unfortunately, this deliberate act of fiscal recklessness is being undertaken by elected representatives of the people, thereby betraying one of the cardinal pillars of democracy. Leaders are elected to responsibly manage public resources in an organized way,” Obi said.

He said he was respectfully demanding that this situation be reversed immediately in preference for a more responsible and transparent approach to budgeting.
“We must prioritize the needs of the Nigerian people, not the selfish interests of a few. This is a call to action for all Leaders to desist from actions that will further drive the country into economic chaos. Neither the National Assembly nor the executive has any excuse to promote or condone such unconscionable behaviour.

“We seek and insist on a nation governed by leaders who are frugal and responsible in their handling of public resources. This is the only way we can build a great nation,” Obi said.