Delayed 2019 budget shows signs of fiscal consolidation but doubts over execution
By Perhaps reflective of the wild misses in 2018, the 2019 budget process, which is already well-off the usual calendar schedule for passage, looks likely to be presented either this week or next.
For context, President Buhari presented the proposed budget to the National Assembly in November in 2017, but this time, he was required to sit-in for over two hours last week Friday to ensure presidential assent to the draft 2019 budget.
While details are sketchy, fiscal deficit and borrowings are forecast lower but oil prices at USD60 per barrel sounds a tad optimistic in view of the steep plunge in oil over November 2018.
In my view, the 2019 budget as with all election year budgets in Nigeria is unlikely to record any serious implementation in terms of execution as fiscal inertia is likely to exist over the first half of the year due to the election and lengthy transition period.