BY OBUTE JAMES
A member representing Zaria Federal Constituency and Chairman, House Committee on Land Transport, Hon. (Dr ) Abbas Tajudeen PhD has said that the passage of a Bill for an Act to regulate the planning, preparation, passage and execution of budget of the federation will result in to proper management of public finance.
The bill passed Second Reading in the House of Representatives on Thursday 25th November, 2021.
Dr. Abbas Tajudeen in a memo in support of the bill, noted that the bill will define the budget circle and timeline for each stage.
“The budget circle in Nigeria is January to December. That is Re-enforced in the bill. Unlike other laws, the bill specifically provides timeline for different stages of the budget process, preparation, passege, execution and audltiting.”
He said if the bill is passed into law it serves as an organic budget law.
According to him, the bill will compliment on the management of public finance and make participation of stakeholders in the budget process mandatory.
Dr. Tajudeen said power to make budgetary regulations and definition of how budgetary projection are to be funded are some some of the benefits
of the bill.
He said the bill if passed into law will define the limits of deficit budgeting on borrowing.
According to him, the proposed law is in line with international best practice.
“Stand-a-lone budget law that addresses the process and procedures of Annual Appropriation Act is the way to go.
“This is what is recommended by International the Monetary Institutions. So many countries have adopted the recommendation. Nigeria cannot afford to be left behind,” Tajudeen c my said.