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FEDERAL GOVERNMENT OF NIGERIA BUDGETING PROCESS 101.

1. The Budget process goes through 14 Stages.

2. While there are 3 Arms, Nigeria's budget process is the exclusive responsibility of both The Executive and the Legislative Arms.
#NigeriaBudget101
3. The Fiscal Responsibilities Act 2007 is one of the Legal Frameworks guiding the content and presentation of the Budget.

4. The Budget is made of 4 Components;
(a) Statutory Transfers
(b) Debt Service - Domestic & Foreign
(c) Recurrent Expenditure
(d) Capital Expenditure
5. Elements in the Statutory Transfers are first line Charge. They are:
#NASS
#UBEC
#NDDC
#NHRC
#INEC
#NJC
#PCC
#BHCPF
#NEDC

6. Debt Services are for servicing both domestic and foreign loans the Govt takes to complement its revenues in order to meet up with the budget.
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