Some financial experts on Monday expressed worry over the regular delay in releasing budgetary allocations to the federal ministries, departments and agencies (MDAs).
They said, in separate interviews with the News Agency of Nigeria (NAN) in Lagos that such late release would affect the performance of the 2012 budget.
The experts are of the opinion that when allocation is deferred by the government, it may retard economic development.
NAN recalls that the Federal Government had so far released budgetary allocations to MDAs only in February.
Dr Samuel Nzekwe, the immediate past president, Association of National Accountants of Nigeria (ANAN), said that this had contributed to the stagnation of economic activities.
He said that the disbursement of allocation behind schedule would also limit the cash in circulation, adding that people would not be able to plan without fund.
``The Federal Government should be aggressive in carrying out its duty by releasing money to various sectors of the economy so that planners can make use of the funds at the appropriate time,’’ he said.
He said that the parameter used to measure the 80 per cent budget performance in 2011 was not visible.
Nzekwe said that in term of capital expenditures, the assessment performance was below expectation, adding that that was the reason some infrastructural facilities were still in a bad state.
Mr Titus Okunronmu, the former Director, Central Bank of Nigeria (CBN), said that delay in the allocation would have negative effects on the implementation of the budget and economy in particular.
He said that such delay would also make the economy to be stagnated and disorganised the purposes for what the budget was meant.
``This is where the question of spending the money to achieve the main objectives of the budget comes in,’’ he said.
Mr Wole Olowu, the General Manager, True Bond Micro Finance Bank, said that until the Federal Government began to release allocation as at when due, it might be difficult to achieve the budget objectives.
He said that it could also constitute an impediment to national development and slow business activities.
He said that the 80 per cent recorded in the 2012 budget performance could only be attained if the allocations were release at the right time and use for target purpose.
``The government should imbibe accountability and transparency so that the impact of the full budget implementation can be seen on the economy,’’ he said.