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2018 Budget Presentation For October Not January – FG

Published

9 years ago

September 30, 2017

The federal government has stressed that presentation of the 2018 budget to the National Assembly will be done in October this year and not January 2018 as erroneously reported in some media.

The Ministry of Budget and National Planning which made this known, said it is in the process of finalizing the 2018 budget proposals preparatory to submission to the national assembly in October 2017 as earlier indicated.

Media Advisor to Sen. Udoma Mr. James Akpandem . [n a statement issued by the, all the Ministries Departments and Agencies (MDAs) of the Federal Government have gone through the required budget preparation procedures and the ministry of budget and national planning concluded bilateral discussions on the budget with them about two weeks ago.

The Budget Office which is in charge of preparation of national budgets is in the process of finalizing the budget harmonization and is awaiting legislative approval of the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) which has been endorsed by the Federal Executive Council in August 2017.

According to the budget implementation report, the execution of the 2017 budget in the second quarter of the year was very challenging in several fronts, mainly due to the extension of the 2016 capital budget to 5th May, 2017, effectively halting execution of the 2017 capital budget in the first half of the fiscal year.

The execution of the 2017 budget was also adversely impacted by the late passage of the budget as well as the shortfall in expected oil and non-oil revenue receipts.

Budget implementation in Nigeria is currently undergoing transformational change including in preparation, execution, monitoring and evaluation.

Critical reform initiatives have continued to be applied leading to the budget increasingly being a critical tool for delivery of government objectives. It is on this note that the ministry of budget and national planning as well as the budget office of the federation are working hard to achieve the October date they have set out.