By Gloria Essien, Abuja
The Nigerian House of Representatives is currently seeking the modernization and streamlining of the Country’s national planning and budgeting processes.
This is to better align with the demands and complexities of evolving economy.
The House Committee on National Planning & Economic Development affirmed the move during a Public Hearing with stakeholders.
The Speaker of the House of Representatives, Mr. Tajudeen Abbas who declared the Hearing open, said that it was important to get the budgeting process right.
Abbas said that the House attached serious importance to the two bills being considered.
The two bill for stakeholders engagement are “A bill for an act to repeal the National Planning Commission Act, CAP. N66, laws of the federation of Nigeria 2004 and a bill for an act to regulate the planning, preparations, passage and execution of the budget of the federal government of Nigeria and other related matters.
The Chairman, House Committee on National Planning and Economic Development, Ibrahim Isiaka said that “the proposed repeal of the national planning Commission Act was aimed at establishing more efficient and specialized offices dedicated to budgeting, national planning, alongside monitoring and evaluation, as essential pillars for effective governance and sustainable development.”
“Equally significant is the need for a robust regulatory framework to guide the planning, passage and execution of the federal budget. The Second Bill seeks to address these critical needs by introducing measures that will enhance transparency, accountability, and effectiveness in our budgetary processes.
“By regulating these key aspects, the committee aims to ensure that public funds area allocated and utilized in a responsible and impactful manner to benefit all Nigerians.”
“The benefits of these bills are far reaching as the establishment of specialized offices will foster greater coordination and coherence in the nation’s national planning methods, leading to more effective policy implementation and sustainable development outcomes.
“Furthermore, a well regulated budgetary processes will instil confidence in the citizens, investors and development partners, signalling the commitment of the national assembly to prudent financial management and good governance,” Isiaka said.
The Lawmaker urged stakeholders to actively participate, share their perspectives and contribute constructively to the discussion.
He said; “You must therefore be engaged in this regulatory process and the Legislative assignment as their inputs, feedback and insights are invaluable in working together to save the future of Nigeria’s economic planning and development.”
Stakeholders were of the opinion that the bills are timely considering issues around workability of the budget that is posing a challenge to the polity.
Their recommendations are expected to be submitted in due course so as to guide the national assembly on its legislations.
The hearing was in Pursuant to Order 18, Rule 11 (5) of the Standing Orders of the house and the committee is required to work on the bill and report to the House within a period not exceeding sixty days.
Mercy Chukwudiebere
