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.
4. The Budget is made of 4 Components;
(a) Statutory Transfers
(b) Debt Service - Domestic & Foreign
(c) Recurrent Expenditure
(d) Capital Expenditure
8. NASS will review all Budgets through a process where all MDAs & their Leaderships appear to defend their Budget lines.
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
GDP Growth, etc.
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.
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.
17. The Budget has hardly been implemented 100% as a result of shortfalls in meeting the Key Assumptions & revenue projections.