Senate President Ahmad Lawan has said there is an urgent need to put in place a law that will reform the budget and revert it to the January-December cycle.
Lawan stated that if the reform is achieved, it will put off all the delays and enhance the timely passage of the budget.
Lawan in a statement signed by his special adviser on media, Ola Awoniyi stated this at a dinner organised by the Institute of Directors Annual Conference.
Tagged ‘Reforming the Budget Cycle: A First Step in Our Journey to the Next Level’ the dinner was aimed at making sure all encumbrances that are encountered during budget defense and passage are eradicated.
“We can reform our budget cycle if there is a law on timeliness for budget passing. We have resolved to be reform-minded in the ninth National Assembly and improving the budget cycle is one area of focus.”
According to Lawan, ensuring the timeliness of budget passage will give leaders focus and make more definite on deliverables.
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Lawan further pointed out that countries like the United States of America, Canada, Austria, Brazil, France, and India have more definite budget cycles through legislation.
He opined that a database would be more helpful for the appreciation of financial projections notwithstanding the current efforts by the National Bureau of Statistics and some multilateral agencies showing the sectoral performances of the economy.
He, however, called for the amendment of the Public Procurement Act 2007 and posited that the Act has not provided the intended efficacy it should produce.
“Our attention will be on the areas where enhancements are needed and we are surely not going to look away from them in the interest of national growth, development, and wellbeing of our people.
“Related to this is the need to match budget projections with fund release if accountability is to be appreciable.
“Proper documentation of financial activities and reduced political Interventions in the budgetary process are additionally important steps to follow.
“We should try to reduce frivolous items on the recurrent expenditure list to increase our disposition to produce, ensure judicious expenditure process and to guarantee value-for-money,” Lawan said.
