The Federal Government's Budget
The 1999 Constitution requires Mr. President to present the annual budget of the Federal Government to the National Assembly for its passage. The Budget gives details of expected revenue and expenditure, and presents the direction of Government's policies and spending priorities for a given fiscal year. Normally, this fiscal year runs from 1st January to 31st December; although this has sometimes been extended to 31st March in recent years.
Through the Budget, the Federal Government delivers essential public goods and services, such as education, healthcare, infrastructure and security to its citizens. The government needs to plan its financial activities and come up with detailed spending plans to provide these goods and services. The Federal Budget as a fiscal policy tool affects many aspects of our economy such as the general price level of goods and services in the economy, interest rates at which individuals and businesses can borrow money, the exchange rate at which the Naira trades against other currencies and the rate of growth of the economy. These 'macroeconomic variables', as Economists call them, affect the wellbeing of the entire economy and, indeed, the social and economic wellbeing of all Nigerians.