2023 Budget: Ogun Assembly, Economic Team Meet To Ensure Smooth Implementation - EDU-BIZNEWS


Thursday, December 1, 2022

2023 Budget: Ogun Assembly, Economic Team Meet To Ensure Smooth Implementation

Ogun State House of Assembly has met with some members of the State Economic team, with the aim of ensuring smooth  implementation of the various projects in the 2023 budgets proposal being considered by the lawmakers to further drive the economy of the state

The Speaker of the house,
Right Honourable, Olakunle Oluomo,  while rounding off the year 2023 Budget Retreat titled: "Budget Analysis and Scrutiny: A Panacea for Proper Planning and Development", says the retreat is meant to create an exchange of ideas on the mission, components and funding of the yearly appropriation bill to advance socio-economic development.

Oluomo explained that the various stages in budgeting process require professional and technical inputs of stakeholders which must be harnessed towards achieving the right fiscal proposal to enhance the overall development of the State. 

He acknowledged that the interaction would assist the State lawmakers to have an overview of the financial proposal, with a view to carrying out the necessary scrutiny on the estimates of the relevant Ministries, Departments and Agencies (MDAs) of government during budget defence, for thorough legislative process on the Appropriation Bill before its passage.

In their presentations, the State Commissioner for Finance, Mr. Dapo Okubadejo, his Budget and Planning counterpart, Mr. Olaolu Olabimtan, Works and Infrastructure, Mr. Ade Akinsanya and the State Accountant General, Mr. Tunde Aregbesola said the budget was based on the State Medium Term Expenditure Framework (MTEF), which was the framework for linking the annual spending of MDAs with the government long term fiscal strategies. 

They explained that the budget objectives, components, sectorial breakdown and analysis were the key performance indicators, while funding, revenue profile and debt management, as well as national and international economics were indicators upon which the financial proposal was based.

Earlier in his lecture, the Director, National Assembly Budget and Research Office, Mohammed Saidu, noted that budget scrutiny was critical towards achieving accountability and transparency in the running of government business, saying there must be a link between the budget and the MTEF to accomplish micro economic stability without compromising economic developments.

According to Saidu, there was need to direct the bulk of public spending to the State strategic priorities as anticipated in the State development plans, ensure predictability of funding, improve value for money and set out strategies for economic development

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