• Thursday, March 28, 2024
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2020 budget: Nigeria set for a ‘January-December’ budget cycle – Akabueze

N8.8trn budget estimates to reposition Nigeria for economic growth – FG

Director-general, Budget Office of the Federation, Ben Akabueze, has disclosed the possibility of a likely passage of the 2020 budget by the National Assembly latest second week in December, stating that the early budget submission was geared towards ensuring early approval and restoration of January-December budget cycle.

According to Akabueze, the early approval of the 2020 budget will also enable a return of a 12-month capital budget implementation.

Akabueze stated this at the 2019 annual public lecture of the Chartered Institute of Personnel Management of Nigeria (CIPM) with the theme, ‘Effective Budget Execution and Management – Recipe for National Development.’

“The budget is designed to sustain growth, create jobs and advance the delivery of Economic Recovery and Growth Plan (ERGP) 2017-2020 goals. More importantly, it will aid private sector planning and more effective engagement; the proposals reflect key reforms and initiatives in the ERGP,” Akabueze said, who was represented by Olumide Ayodele, the senior technical adviser in the budget office.

According to Akabueze, human resource is critical in delivering the 2020 budget revenue and expenditure plan of government, which aims to achieve macroeconomic goals and promote socio-economic development. The public sector is central to the performance of any economy, as the budget is key in reviewing government’s economic performance and development outcomes, he said.

He said government was also keen in incentivising private sector investment to complement the FGN’s development plans, policies and programmes, as, “Overall, government aims at creating the conducive business environment for the private sector to thrive, create jobs and contribute towards lifting people out of poverty.”

Wale Adediran, president/chairman of governing council, CIPM, said budget implementation, monitoring and evaluation had a direct link with human capital and resource management.

“As we know, the execution of budget entails directing and controlling available financial resources towards a set purpose and objective. If we implement the formulation of procedures for effective budgetary controls, then we can boldly expect a greater future,” Adediran said.

According to Adediran, what the CIPM has consistently done over the years is to educate the HR community, via various platforms and events, which allow participants to deliberate, identify, review approaches and proffer solutions in line with best people-management practices that should be applied in the workplace.

In a panel discussion moderated by Collins Edebiri, chairman, institution development committee of the CIPM, Muda Yusus, DG, Lagos Chamber of Commerce and Industry (LCCI), said private sector wants the right policy for ease of doing business in Nigeria, and to grow the economy. He also urged the budget office to focus on policy formulation that can deliver economic prosperity for Nigeria and Nigerians beyond budgetary implementation.

The other panellist, Tunde Doceme, MD, Bond Energy Projects Limited, opined that national budget should be able to link GDP to national development, hence the need for realistic budget. According to him, effective budget planning and execution is probably the main ingredient and not just a recipe for national development.