The Director-General, Budget Office of the Federation, Ben Akabueze, said yesterday that the 2020 budget assumptions especially the revenue targets are realistic. He also hailed the National Assembly for insisting on early submission of the budget, saying though it was tough preparing the 2020-2022 Medium Term Expenditure Framework (MTEF) and the 2020 appropriation; it was good for the country to return to the January-December budget cycle.
Akabueze spoke in Lagos while presenting the 2019 Annual Public Lecture of the Chartered Institute of Personnel Management of Nigeria (CIPMN) with the theme, “Effective Budget Execution and Management: Recipe for National Development.”
The DG however stated that revenue shortfall is one of the challenges militating against effective budget implementation.
He noted that revenue deviated from projection by 48 per cent in 2017, 45 per cent in 2018 and 42 per cent in half year 2019.
Represented by his Technical Adviser, Prof. Olumide Ayodele, Akabueze said the 2020 revenue target is achievable, insisting that Nigeria has revenue potentials and personnel must work hard to surpass the target.
Daily Trust reports that Buhari had on October 8 presented 10.33tr 2020 budget to the National Assembly.
Akabueze said, “A Director signed an agreement and you look at it yourself, was this man sleeping? We have things like this in different Ministries.
“If we are talking of national development, then we must look at ways that we can generate money. The targets that we have here are realistic.
The National Assembly is considering these revenue targets and I am sure by the time they are through with it, they will increase the targets so that the MDAs concerned can be able to deliver.”
According to him, with the cooperation that currently exists between the two arms of government, the budget might be passed by next week.
“And it would be a budget that will have little or no issue,” he added.
President and Chairman of Council of CIPM, Mr. Wale Adediran said if the nation implements the formulation of procedures for effective budgetary controls, then greater future would be assured.