The Acting President of the Federal Republic of Nigeria in a recent capacity gave an executive order to streamline the process of budget implementation in Nigeria. The order was meant to ensure transparency in the process. My360Career got a copy of the order and we decided to Share. Below is the excerpts.
- All Agencies, whether or not listed in the Fiscal Responsibility Act, shall, on or before the end May every year, cause to be prepared and submitted to the Minister of Finance and the Minister of Budget and National Planning their schedule of revenue and expenditure estimates for the next three financial years.2. All Agencies shall, on or before the end of July every year, cause to be prepared and submitted to the Minister of Finance and the Minister of Budget and National Planning their annual budget estimates, which shall be derived from the estimates of revenue and expenditure as projected in their three-year schedule.
3. A joint committee of the Ministries of Finance, and the Budget and National Planning shall review such estimates and ensure their conformity with the national plan and the financial and budgetary regulations before processing them for approval and early transmission to the National Assembly.
4. Supervising Ministers and Heads of Agencies as well as the Chief Executive Officers of Government owned companies shall verify that the process of preparation, harmonisation and collation of budget estimates are as stipulated in relevant laws and guidelines as well as ensure strict compliance with this Executive Order.
5. Except with the express consent of the President, no payment shall be made in respect of any capital or recurrent liability of an Agency, other than payment of due salaries and allowances, unless the Agency has an approved budget and the payment is in conformity with the approval.
6. Heads of Agencies and Chief Executive Officers of Government owned companies shall take personal responsibility and be subject to appropriate sanctions for any failure to comply with this Order.
7. Any revenue or other funds of an Agency in excess of the amounts budgeted and duly expended shall accrue to the consolidated revenue fund of the Federal Government.
8. This Executive Order shall take effect immediately.
Dated this 18th. . . . . .. . day of May . . . . . . 2017.
Prof. Yemi Osinbajo, SAN, GCON
Acting President of the Federal Republic of Nigeria