President of the Senate, Ahmed Lawan, has underscored the need to have a budget reform that would include a law on timeliness in budget passing.
Lawan who made the call in a speech delivered at the Institute of Directors Annual Conference, in Abuja, said: “We can reform our budget cycle if there is a law on timeliness for budget passing,” Lawan said late Thursday in Abuja.
Lawan in the speech titled: “Reforming the Budget Cycle: A First Step in Our Journey to the Next Level”, noted timeliness and deadlines would give leaders focus on deliverables.
“We have resolved to be reform minded in the Ninth National Assembly and improving the budget cycle is one area of focus.
“Our attention will be on the areas where enhancements are needed and we are surely not going to look away from them in the interest of national growth, development and wellbeing of our people,” he stressed.
He added that it was important to improve on database showing the social economic conditions of the country.
Lawam furtrher stated that a database would be more helpful for the appreciation of financial projections notwithstanding the current efforts by the National Bureau of Statistics and some multilateral agencies showing the sectoral performances of the economy.
He therefore called for the amendment of the Public Procurement Act 2007 saying “we are of the firm belief that the Act has not provided the intended efficacy it should produce.
“Related to this is the need to match budget projections with fund releases if accountability is to be appreciable.
“Proper documentation of financial activities and reduced political Interventions in the budgetary process are additionally important steps to follow.
“We should try to reduce frivolous items on the recurrent expenditure list to increase our disposition to produce, ensure judicious expenditure process and to guarantee value-for-money”.
