The Minister of Finance; Dr Ngozi Okonjo- Iweala says the problem with the economy is not the current budgeting system but volatility in terms of the country’s revenue.
The minister made the explanation at the continuation of a public hearing on the current national planning and budgetary process in the country.
The two ministries involved in planning and budgeting, Minister of Finance; Dr Ngozi Okonjo- Iweala and the Permanent Secretary National Planning Commission; Ntufam Ugbo were put on the hot seat on day two of the public hearing organized to examine the country’s planning and budgeting process.
In the past two days, financial experts have been making presentations at the hearing calling for a more coherent and inclusive national planning to drive the annual budgeting process.
The Minister of Finance defended why budgets should be domiciled in the ministry of finance, explaining that the problem with the economy is not the budgeting process as she also defended the envelope system but the Permanent Secretary National Planning Commission disagreed with the minister saying there is a sharp disconnect between the multi-year development plans and the annual budget.
The permanent secretary however called on the National Assembly to enact a law to ensure that on-going projects in MDA’s are completed before funds are appropriated for new projects.
