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
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
4. The Budget is made of 4 Components;
(a) Statutory Transfers
(b) Debt Service - Domestic & Foreign
(c) Recurrent Expenditure
(d) Capital Expenditure
7. Recurrent Expenditures are for Salaries, Pensions & Overheads while Capital Expenditures are for Infrastructure, Education, Health, & Projects.
8. NASS will review all Budgets through a process where all MDAs & their Leaderships appear to defend their Budget lines.
8. NASS will review all Budgets through a process where all MDAs & their Leaderships appear to defend their Budget lines.
9. The National Assembly may adjust upward and downward.
10. Some of the assumptions are the basis for the Budget figures.
11. The Key Assumptions are:
Oil Production Benchmark
Price of Oil per Barrel
Foreign Exchange.
Others are:
Inflation Rate
GDP Growth, etc.
10. Some of the assumptions are the basis for the Budget figures.
11. The Key Assumptions are:
Oil Production Benchmark
Price of Oil per Barrel
Foreign Exchange.
Others are:
Inflation Rate
GDP Growth, etc.
12. The National Assembly can increase or reduce the Budget in line with Govt priority.
13. Upon the defense & approval of the Budget by the National Assembly, the president is expected to sign the Budget into law. This is the stage where the Appropriation Bill becomes an Act.
13. Upon the defense & approval of the Budget by the National Assembly, the president is expected to sign the Budget into law. This is the stage where the Appropriation Bill becomes an Act.
14. The next is then execution of the Budget.
15. The Min. of Finance & National Planning through the Budget Office is expected to publish Quarterly Budget Implementation Report, showing releases by the Ministry of Finance to meet the activities to be executed by the Budget.
15. The Min. of Finance & National Planning through the Budget Office is expected to publish Quarterly Budget Implementation Report, showing releases by the Ministry of Finance to meet the activities to be executed by the Budget.
16. At the end of every Financial Year, the Office of the Auditor-General of the Federation carries out an audit of the Budget and publish its report.
17. The Budget has hardly been implemented 100% as a result of shortfalls in meeting the Key Assumptions & revenue projections.
17. The Budget has hardly been implemented 100% as a result of shortfalls in meeting the Key Assumptions & revenue projections.
