The 2020 Budget will be Zero-based driven by world class public finance management system that will actualize completion of existing projects, propel revenue potentials as well as enhance employment generation.
The Consultant to the Governor on Budget and Planning, Mr Olaolu Olabimtan stated this at a follow-up meeting to government's sensitization programme with Permanent Secretaries, Directors of Planning, Research and Statistics, Directors of Finance and Accounts, Directors of Administration and Supplies, Budget Officers as well as Sectoral Chairmen of Ministries, Department and Agencies, held at Oke-Mosan, Abeokuta.
Olabimtan, in a statement signed by the Press Officer, Ministry Of Budget and Planning, Mr. Odunayo Ogunleye, emphasised that the present administration was determined to ensure standard in Budgeting, informing stakeholders that government had shown readiness to deviate from existing incremental budget to modified zero based, saying the former have been proven to give room for abandonment of projects.
For efficient allocation and management of resources, the modified Zero-based budgeting will be used in 2020. The first thing will be to look at why the need to spend money at all on a particular item or why we should be spending money on it all”, he explained.
Olabimtan added that a budget must be transparent, effective, efficient and give desirable output, noting that every Kobo must be strategically utilized to affect the people positively and with a long term sustainability plan.
He said the Governor had approved a strategic resources allocation management plan which would guide Ministries, Departments and Agencies (MDAs) in preparing their budget estimates, saying proposals must identify which projects have revenue potentials, be consistent with priority of the administration's strategic plan that would enhance employment generation.
On his part, the Permanent Secretary, Ministry of Budget and Planning, Mr. Hassan Adekunle, cautioned stakeholders in charge of accounts and estimates on inconsistency in estimate proposals and poor synergy, saying these were responsible for deficiencies in the budgeting processes in the past.
Adekunle stated that every request in the budget must carry appropriate evidence before it could be approved, charging Officers to be thorough, realistic and professional in delivering the budget estimates of their MDAs for better performance.
In his contribution, one of the participants, Director of Statistics, Ministry of Finance, Mr. David Alao, called for a functional statistical database, saying it would allow government and its potential development partners have updated data on all sectors of governance to enhance the delivery of democratic dividends to the people.
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