President of the Association of National Accountants of Nigeria (ANAN), Alhaji Shehu Ladan, has urged the Federal Government and the National Assembly to develop a budgetary system capable of addressing perennial challenges in the nation’s budgetary process.
According to Ladan, such process should be able to withstand the delays in budget formulation and appropriation.
“In order to checkmate the incessant delays in budget approval, the executive and the legislature should agree to enact a law that would prescribe the maximum period for the passage of the annual budgetary Appropriation Bill as practiced in many countries, such as the UK and USA.
He also said it is important to increase stakeholders’ participation in the preparation and implementation of budget in order to foster greater understanding of the budgetary system as well as cooperation in the implementation of the approved budget.
According to Ladan, looking at the total expenditure vis-a-vis the expected revenue of the Federal Government, it is very obvious that the country needs to mobilise resources from borrowing sources.
The ANAN president suggested that the Federal Government should also harness other sources of revenue to finance the budget deficit and future budgets.