Barely 48 hours after the 2020 Appropriation Bill was passed by both chambers of the National Assembly; the Senate and the executive have commenced a partnership that would lead to a more participatory, inclusive and early presentation and passage of the 2021 budget.
The Chairman Senate Committee on National Planning and Economic Affairs, Senator Olubunmi Adetunmbi (APC, Ekiti North), who disclosed this at a press conference in Abuja, said the collaboration would commence at a retreat between the committee and the Federal Ministry of Finance, Budget and National Planning in Abuja on Monday.
Senator Adetunmbi said the partnership would serve as the required compass for yearly budgeting and implementation.
He said: “The retreat is designed among others, to develop and build consensus, explore opportunities for technical support, capacity building, and share best practices targeted at facilitating a return to plan-based budgeting in Nigeria.
“Projections and estimates of the 2021 budget will be driven in implementation by the National Development Plans that would be formulated at the retreat and the basis upon which yearly budgets of the country will be driven in terms of proposals, projections and implementation.”
He noted that though the N10.594 billion 2020 budget, recently passed on Thursday by both Chambers of the National Assembly, will return of the nation’s yearly budget cycle to January – December but that 2021 budget will be more collaborative in vision, content and execution.
The process he said would also see to the development of achievable National Development Plans that will serve as basis upon which yearly budgets are planned and executed.
He said that there was need for a paradigm shift in the yearly budgeting process, from the executive solely preparing it and the legislature approving it, to a collaborative template requiring involvements of both arms of government from the stage of planning to that of execution.