President Goodluck Jonathan has directed the Ministry of Finance to ensure that all subsequent budgets are prepared and submitted to the National Assembly latest by October of each year.
The president gave this instruction during the weekly Federal Executive Council meeting at the State House Abuja.
Briefing journalists after the meeting, Information Minister Labaran Maku said the president also directed a review of the financial year back from March to December 31st to ensure a full circle of the financial year from January to December.
“The president, in view of past experiences, directed the federal Ministry of Finance and all MDAs to ensure that henceforth all our budgets must be tabled before the National Assembly not later than the first week of October every year,” he said. “Indeed, the last week of September is the target for ensuring that all issue of budget are concluded and are tabled before the National Assembly by the first week of October.”
According to him, the president is emphasising a full implementation of the budget from next year because of the nature of procurement laws which ensures for cost control and competition the budget year needs to start up early.
“Now if budgets are concluded by the executive and legislature by December, then we will have a full year cycle to implement the budget,” he said.
He regretted that this year’s budget preparations was delayed due to the electioneering campaigns for the April election and said he hopes that the National Assembly will keep to its word and “expeditiously review the budget and give us the appropriation so that early next year we will begin the process of budget implementation”.
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