Implementation of the 2008 Capital Budget and Its Challenges

Abstract

In any democratic government, budgets provide a mechanism through which the projects due for implementation are reconciled with the anticipated funds to be realized. Budget preparation is very cumbersome in which institution and actors play various roles. However, it is worth nothing that the long processes of budgeting stretches into the coming year that its implementation is left with limited time. This consequently affect the execution of developmental policies and programmes which in turn results in economic crisis. The paper therefore argued that bureaucratic delay, late starting of budgetary process, review of budgetary allocation, delay to realizing allocated funds, due process mechanism among others have constituted problems that militated against prompt implementation of the 2008 capital budget. The work, therefore, suggested among others that annual budget preparation should commence carly enough so that its implementation will be timely; reviews of and inclusion into budgets should be discouraged, prompt release of allocated funds should be encouraged and finally due process mechanism should continue to be utilized and strictly adhered to. The above suggestions, if utilized, will go a ling way towards taking care of the challenges faced by budget implementation in Nigeria.