Nigeria is currently facing one of its most embarrassing moment since the advent of democracy in 1999. The controversial 2016 Budget of N6.07 trillion which was presented, changed and then returned is now completely in shambles following its review since it was fully published online.

Nigerians have poured through this budget and have seen figures beyond human comprehension. From budgeting rent for offices in Aso Rock to budgeting N3.2billion for a  hospital in Aso Rock to budgets for books for the Vice President that is more than the entire budgets for books for the Ministry of Education, the entire budget is an apparent disaster and a mess that has embarrassed this government and the country in general.

The Ministry of Budget and National Planning has on Tuesday admitted that there were errors in the 2016 Budget and is blaming the development on the adoption of the Zero-Based Budgeting System. Here is an excerpt of a statement made to the media as reported by the Punch.

“The proposals have received general commendation. However,   the   details   were   developed   using   the   Zero-Based Budget and is a new concept to our Budget Officers away from our traditional envelop process.

“The members of staff in the Ministry of Budget and National Planning as well as   those   handling   budget   issues   in   all   ministries   and   extra-ministerial   agencies   are   grappling   to   master   the technicalities in the ZBB template.

“As such therefore, some errors are not unexpected in the changeover to the   new   ZBB   approach.

“This   was   the   reason   the   ministry arranged for the proposals to be placed on the website of the Ministry of Budget and National Planning to expose them to public scrutiny.”

This is perhaps another admission of the failures of this government and its inability to appoint a cabinet on time. It has obviously relied on Civil servants who have failed woefully in their jobs. Where this to have happened in the private sector, people would have been fired. Will heads roll for this disaster?

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.