A civic-tech platform, BudgIT, has given President Bola Tinubu’s administration a low rating on fiscal transparency. In a report assessing the administration’s first-year performance, BudgIT noted that fiscal transparency has declined under President Tinubu’s leadership.
The report highlighted that the Budget Office has yet to release the 2023 Q2 Budget Implementation report, despite the Fiscal Responsibility Act’s mandate to release it 30 days after the quarter’s end. Additionally, the Federation’s Fiscal Accounts, including receipts from all collection agencies and payments out of the Federation Account, have not been released since August 2023.
Meanwhile, economic pundits have expressed divergent views on the performance of the Tinubu-led government on its first anniversary. Some have praised the administration’s efforts, while others have criticized its handling of the economy.
A report by Analysts Data Services & Resources (ADSR) noted that President Tinubu’s administration scored 53.6% in its first-year performance, higher than his predecessor, Muhammadu Buhari, who scored 48.8%. The report measured the performances based on 25 indicators under five segments of the economy.
Meristem Securities Limited, in its macroeconomic commentary, highlighted the administration’s focus on fostering a pro-growth economy and its commitment to implementing key reforms. However, the report noted that the success of the administration will depend on effective policy execution, political stability, and continued public and private sector collaboration.
During Tinubu’s first year in office, the headline inflation rate increased from 22.22% to 33.69%, and the naira depreciated due to its floating exchange rate. However, the Gross Domestic Product grew by 0.47% year-on-year, and crude oil production rose by 15.65% to 1.33mbpd as of the end of the first quarter of 2024.
