Civil Society Organisations (CSOs) in the country have expressed dissatisfaction over the late presentation of Federal Government 2014 budget to the National Assembly, saying that the action would slow down economic growth in 2014.

A senior legal and advocacy officer, International Centre for Development and Budget Advocacy, Armstrong Ukwuoma, said that the delay in harmonising the oil benchmark would definitely affect the economy in the coming year.

He expressed concern over what he called a receiving theme of late budget presentation, adding that there is the need to start earlier,  considering the regularity in the delay to pass our budgets, we should begin to consider innovative strategies to forestall future reoccurrence”.

The programme coordinator, Publish What You Pay, Mr. Moses Ouwaseyi, stated the need to get it right to boost the economic well-being of the country.

Ouwaseyi noted that getting the budget right would impact on the long term budgeting system.

The House of Representatives wanted the oil benchmark pegged at 79 dollars, the Senate at 77 dollars while the executive wanted 74 dollars.

This issue was however resolved on December 17, as all the sectors harmanised   and pegged the benchmark at 77.5 dollars.

A financial expert, Mr Godwin Iloube, said the delay in the presentation of the budget would affect the Federal Government’s effort to build a virile economy.

“Delay in presentation of the budget is not very good, considering that next year is campaign year, there is the need to pass the budget in good time.

According to him, the disagreement on the oil price as parameters for the 2014 budget will ensure transparency in the oil sector.

The financial expert called for transparency in the oil sector to reduce disagreement in determining oil price for the yearly budget.

A report, however, from the Fiscal Responsibility Commission (FRC), show that the country’s annual budget had been prepared and signed in the same year only once in 10 years.

The published report on the annual budget and audited accounts for 2011 revealed an unbecoming trend in the delay of annual budgets in the country.

The report said that between 2003 and 2012, the budget was submitted to the National Assembly and signed by the president in the same year only once.

It showed that budgets being consistently delayed translated determined the extent to which the country’s capital projects would be executed and achieved as planned in the MTEF.

“Other than the 2007 budget which was submitted to the NASS on October  6, 2006 and signed by the President in Dec. 22 of the same year, all other budgets from 2002 to 2011 were presented late in the year to the NASS.

“ The presidential assent on the average came four months into the target financial year.

“ A good budget cycle is one that allows for enough time for the entire cycle of budget activities and actions to be completed ahead of the target fiscal year,’’ the report said.

The report stated that international good practices required that budgets should be signed into law before the commencement of the target fiscal year.

Citing Canada and the United Kingdom, the report said that their budgets were approved and signed into law between January and March, while the target budget year commenced in April which was good budget practices.

The report reiterated FRC’s 2010 Annual Report recommendation that the budget preparation should begin in July and signed into law in December.