A Member representing Ohaji/Egbema, Oguta and Oru West Federal Constituency in the House of Representatives, Hon. Kingsley Chima, has said that projected expenditures made in the annual Appropriation Act must be equal to expected revenue for it to achieve the desired goal.
Hon. Chima, a first-term lawmaker made the assertion in an interview with journalists over the weekend in Abuja, saying that the budgeting system remains a fundamental factor in the development of any nation.
According to him, “when a country gets its budgeting system right, it would be headed for development and economic growth”.
He said: “nothing is wrong with the Nigerian budgeting system, what we lack is full implementation of the budget”.
The lawmaker explained that the National Assembly worked tirelessly to make input and contribute ideas to the budget but lack of funds often impedes full implementation of the appropriation Act.
Chima opined that there was a need to plan in accordance with the available resources at the disposal of the country.
Chima argued further that while preparing the budget, the projected expenditures made should not be more than the current price of crude oil.
In his view, projecting above the available resources will make the budget underperform adding that only achievable projects should be listed in the budget.
“It is only when we begin to practice a realistic budget that the country will record 80 to 90 percent implementation,” he said.
The lawmaker noted that the 9th National Assembly was determined to make sure that the budget runs from January to December as it would aid perfect planning and implementation.
He said that the 9th National Assembly was determined to perform full oversight function over the Ministries, Departments, and Agencies (MDAs).
Buttressing that point, Chima said that oversight functions would enable the legislature to determine if the listed projects in the budget were being implemented or not.
According to him, the leadership of the National Assembly has expressed readiness to activate the standing committees for detailed oversight functions and ensure budget implementation.
On insecurity, Chima said that the current state of insecurity in Nigeria was not acceptable especially as the country was in dire need of foreign direct investment.
“One thing that will guarantee the confidence of the Nigerian people is to convoke a national security summit.
“When we convoke a national security summit, all opinions, ideas, communiques and solutions from every part of the country, shades of opinions will be brought to a round table for discussion.
“People will speak their minds devoid of political interference, manipulation from any quarters, there should be a system that will guarantee the participation of the true representatives of the common Nigerian,” Chima stressed.