The prospect of the January to December budget cycle seems dim because President Bola Tinubu has yet to send the MTEF and the FSP to the National Assembly for consideration.
The House of Representatives Committee on Appropriations has expressed readiness to comply with the January-December budget cycle by ensuring speedy passage of the budget when it is presented by President Bola Tinubu.
“The Committee will ensure the sustenance of the long-established and cherished precedent of ensuring compliance with the Financial Year Act through budget passage on or before 31 December of each financial year. MTEF is a multi-year budget structure spelling out a top-down estimate of aggregate resources available for public spending, bottom-up coasted sector pprogrammes, reconciliation of needs with resource constraints for sectoral resource allocation and ensuring that budget execution reflects agreed plans.He further disclosed that the MTEF will be sent to the National Assembly soon while the budget will be presented before 31 December.
“In furtherance of this significant duty, the committee’s leadership will initiate a strategic meeting with Chairmen of Finance, National Planning and Aids, Loans and Debt Management to gather data that will facilitate effective function of this Committee of ensuring inclusive budget preparation, appreciable implementation and effective oversight,” he said.
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