Financial experts have called for a stronger, coherent and inclusive national planning to drive the annual budgeting process.
At a public hearing aimed at reviewing the current national planning and budgetary process in Nigeria, various experts agreed that there is a sharp disconnect between the multi-year development plans and the annual budget.
On the 28th of February 2013, a federal lawmaker, Senator Olubunmi Adetunmbi raised a motion on the floor of the Senate, calling for a review of the country’s budgeting process.
The Senator proposed that the National Planning Commission be involved in the budgeting process.
Hearing to review the country’s planning and budgeting process, which was an outcome of the motion, financial experts agreed that the country’s current planning and budgeting process may not have fulfilled public expectations for significant improvements in the economy.
A financial expert Mr Henry Boyo advocated for realistic sectorial benchmarks as a guide for national planning while another expert, Professor Mike Kwanashie wants the harmonization of the budgeting and planning process.
Federal lawmakers have often complained that the current national budgeting process makes the legislature less involved and at best reactive.
They therefore want the legislature to be more involved in the budgeting process to avoid discord and acrimony between the executive and the legislature.