Abstract:
The study focuses on Government budgets and economic development in Nigeria between 2007 and 2016. The thrust of the study is to examine the impact of Government Budgets on Economic Development in Nigeria between 2007 and 2016. The study interrogated the following questions: How has budgetary allocation to education lead to an increase in employment rate in Nigeria between 2007and 2016? And has budgetary allocation to health led to an increase in the life expectancy of Nigerians between 2007 and 2016. Relying on the public choice theory derived from the rational choice decision making model which states that politicians make rational choices in their best interest and not in the interest of the people, the study demonstrates that allocations to health and education are relatively low especially in the areas of capital expenditure and funds are equally syphoned by politicians who loot public funds for personal interest. Adopting the documentary method, based on secondary sources and using the qualitative descriptive analysis, relevant data were generated and analyzed. The study unveiled that budgetary allocations to education and health between 2007 and 2016 did not meet the United nations provisions of 26% and 15% respectively: the meagre allocations made to these sectors were not adequately implemented and budgetary allocations to education and health did not lead to increase in employment rate and life expectancy of Nigerians respectively between our period of study. The study maintains that adequate allocations to these sectors be revisited to meet at least the United Nations provisions, an independent budget evaluation body be set up to monitor the implementation of budgets and Nigeria can attain economic development.
