Senate to review Nigeria’s budgeting practices, planning process

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Senate to review Nigeria’s budgeting practices, planning process

The Senate on Thursday mandated its Committees on Appropriations, National Planning and Finance to conduct a thorough review of Nigeria’s budgeting practices as well as National Planning process with a view to creating a more synergised and collaborative system that is both effective and efficient.

Senate resolution followed a motion sponsored by Senator Stella Adaeze Oduah representing Anambra North Senatorial district alongside five others.

In her lead debate, Senator Oduah explained that Nigeria has in the last 20 years developed several National Development Plans with a focus on improving the socio-economic status of the nation.

The national plan, she said, improved the nation in global rating from 30th position to 27th currently, adding that if the proposed budget review was made a reality, the citizens would further benefit from the system economically.

“Concerned that despite an incremental growth in nation’s nominal GDP and gross national income over the years, the average Nigerian has experienced little or no change to their socio-economic status.

“Some have even experienced a retrogressive impact on their lives in recent years. ”

Senator Jibrin Barau lamented that there have always been bright ideas, but lacked implementation by the government of the day.

He added that corruption was a major obstacle to implementing Visionary Budget driven framework, saying that if executives of agencies always look out for kickbacks thereby found it difficult to continue projects left behind by their predecessors.

Solomon Adeola Olamilekan in his contribution identified the lack of resources as bane of budget implementation in the interest of the nation.

After contributions from lawmakers, Senate passed the motion insisting that there was a need for a functional budgetary framework for the country.

In his remarks, DSP Ovie Omo-Agege who presided Thursday’s plenary commended sponsor of the motion for expressing interest in the nations economy