Business
Association Wants FG To Monitor Budget Implementation
The President of the Association of Professional Bodies of Nigeria (APBN), Mr. Segun Ajanlekoko, on Thursday urged the Federal Government to put in place a quarterly budget implementation monitoring mechanism.
Ajanlekoko, who gave the advice during the association’s meeting at the Chartered Insurance Institute of Nigeria (CIIN) in Lagos, said the mechanism would prevent the delayed implementation of the budget.
According to him, there is need for the government to liaise with the professional bodies in the monitoring process as it will engender improvement and transparency in project management.
“To avoid delayed implementation of the budget of excess funds, there should be a process to monitor on quarterly basis and the Due Process Department should review its processes to prudently facilitate project expenditure approvals on a timely basis if there is need to constitute a joint inspection, monitoring and evaluation team involving accredited representatives of the various professional bodies under APBN.
“This will engender improvement and transparency in project management and delivery at different stages across the country. It will also improve our annual budget performance.”
The APBN president spoke further on the process of budgeting and when its implementation should begin.
“The process of budgeting should resume half yearly and should be completed, presented to the National Assembly latest the third quarter of the year.
“All debates, discussions, lobbying and so on should make the approved budget ready latest before Christmas Holiday of each year. The budget implementation should start promptly by January 1st of the new year.”
Ajanlekoko said that the 2012 budget assumptions were conservative and attainable.
He said but for the unrest in the Niger Delta, the anticipated production of 2.48 million barrels per day could be surpassed.
The APBN president said the price of oil per barrel could rise to $100 and that if the exchange rate of N155 to the dollar was adopted, the exchange rate fluctuations that would follow could result in massive savings to the country.
He said, however, that the association was concerned about the projected Gross Domestic Product (GDP) growth rate of 7.2 per cent, saying it was only an inflation rate below 10 digits that would make the government achieve that.
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