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HomeBusiness NewsNigeria is committed to transparent budget process -Akabuese

Nigeria is committed to transparent budget process -Akabuese

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Nigeria has said it was committed to sustaining its economic reforms agenda by reforming its budgeting process, including efforts to institutionalize and enhance budget transparency, head of the country’s budget office has said.

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Ben Akabueze said the country is committed to publishing more Budget information by increasing the number and comprehensiveness of published documents.
“We will enhance public participation and social audit in budget formulation, implementation, and monitoring,” Akabuese said in a 34-page document apparently in response to the recent indictment of Africa’s biggest economy for lack of budget transparency by the Open Budget Index (OBI).
Nigeria was reportedly slipped to 90th place on the Open Budget Index (OBI), according to a report, putting the country behind Zimbabwe and Afghanistan.
The Open Budget Index assesses the comprehensiveness and timeliness of budget information that governments make publicly available.
BudgIT, an advocacy group had said Nigerian government provides the citizens with insufficient budget information making it difficult for taxpayers to understand how elected officials are utilising available resources.
Responding to some issues raised concerning the 2018 budget, the head of the budget office noted that budget padding defined as insertion of unauthorised items in the budget is no longer possible because government agencies, including the security agencies now take direct responsibility for uploading their budgets on government electronic platforms.

“MDAs accounting 0fficers and chief executives also signed-off to confirm the budget proposals before submission to the National Assembly,” he noted.
Assembly Assembly Assembly.
He said the role of the budget office is to ensure that theh proposal submitted by the MDAs speak to national developmental goals and objectives.
He disclosed that the 2018 overall budget deficit is put at 2.005 trillion naira, representing 1.77 percent of the GDP, while the projected deficit is within the threshold stipulated in the Fiscal Responsibility Sct of 2007.
“Budget deficit is to be financed mainly by borrowing 1.699 trillion naira, evenly divided between domestic and external borrowings. the government intends to borrow 850 million from the local market while the balance of 849 billion naira will be raised through foreign loans.

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