The proposal to allocate N8.7 billion exclusively for software expenditures in the current year, jointly by the Nigeria Deposit Insurance Corporation (NDIC) and the Federal Inland Revenue Service (FIRS), has generated diverse opinions from various stakeholders.
Financial agencies have come under the radar after reports showed they budgeted huge sums of money for software deployment while the FIRS is proposing a budget of N3.5 billion for software acquisition, the NDIC intends to invest N5.2 billion.
Other government agencies like NIS, FCCPC, and PenCom have also outlined their intentions to procure software in 2024.
This financial allocation is outlined in the government-owned enterprises (GOEs) budget for the year 2024, as disclosed by the Ministry of Budget and Economic Development.
The NDIC intends to invest N5.2 billion specifically for software acquisition to bolster its operations in 2024.
Notably, this appropriation represents the highest software budget among GOEs, with the FIRS coming second with a proposal to invest N3.5 billion for software acquisition to bolster its tax reform initiatives in 2024.
Earlier this week, the Chairman of FIRS, Zacch Adedeji, disclosed that the Federal Government had handed the agency a target of N19.4 trillion for 2024.
It would be recalled that in late December 2023, the Senate passed a N28.7 trillion 2024 appropriation bill proposed by President Bola Ahmed Tinubu.
According to The Guardian, the Nigeria Immigration Service (NIS) has earmarked a budget of N874.5 million for the same purpose.
Additionally, the National Pension Commission (PenCom) and the Federal Competition and Consumer Protection Commission (FCCPC) have proposed budgets of N384 million and N255 million, respectively, for software acquisition Nonetheless, there is apprehension regarding the recurring practice of allocating substantial amounts of money for software upgrades by ministries, departments, and agencies (MDAs).
This annual budgetary trend has raised concerns about the potential misuse of public funds and has been viewed as a channel for diverting financial resources.
