2020 Budget: Presidency, National Assembly to hold summit

0
221

The Presidency is planning to organize a summit in collaboration with the National Assembly to focus on the provisions of the Medium Term Expenditure Frameworks, MTEF & Fiscal Strategy Paper, FSP with experts and stakeholders analyzing the document.
The move is aimed at making the Nigeria revert to the January to December budget cycle, starting with the 2020 Appropriation Bill.
The 2-days summit will have in participation, Heads of the various Ministries, Departments and Agencies, members of National Assembly and relevant stakeholders across the country.
In total reformation of the budgetary processes, the Medium Term Expenditure Framework and Fiscal Strategy Paper will first be transmitted to the parliament for deliberation and passage before the proper budget presentation, possibly early October.
The idea of the summit will afford Chairmen of the Standing Committees of the National Assembly to have been exposed to the details of what the various MDAs would be proposing.
A source in the Presidency who disclosed the objectives of the 2-days summit said Heads of the Federal Ministries and Agencies would have provided clarifications which would ultimately reduce the unusual confrontation during budget defense.
“Apart from this, the lawmakers will be able to present their constituency projects to the executive for possible input and accommodation in the MDAs’ budgets. This is a clever way of avoiding budget padding.
“By the time the President submits the budget in October, the parliament after the usual engagement with heads of federal agencies, are expected to conclude deliberations on the fiscal document at the end of November.
“The President, after careful assessment of all the provisions, is also expected to sign it into law before the end of December and the implementation would commence on January 2.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here