At the moment the South-West region with the following states; Lagos, Ogun, Oyo, Osun, Ondo and Ekiti has the highest budget combined as a geo-political zone. Save my name, email, and website in this browser for the next time I comment. The Economic Recovery and Growth Plan (ERGP) of the current administration served as the basis for the development of the 2019 proposed budget for the agriculture sector and other sectors. According to the agriculture sectoral strategies of the ERGP, the federal government intends to facilitate access to inputs, set up a one-stop shop for small farmers, fast-track the development and execution of irrigation projects, improve access to finance, extend the Anchor Borrowers Programme, recapitalize the Bank of Agriculture, encourage the development of investment vehicles by the private sector, encourage research to support agricultural productivity, and increase crop value. President Buhari’s Speech At The Signing of The 2018 Appropriation Bill into Law, 10.Budget 2017: Total Capital Cost Released to MDAs Was N1.58trn, You would be the first to know the latest happenings around the Financial Market on, Proshare is Nigeria’s Premier Financial, Business and Economic Information Hub (since 2006), Registered Office: Plot 590B, Lekan Asuni Close, Omole Phase II, Isheri LGA, P.O. Include information on actual revenues collected, actual expenditures made, and debt incurred at different intervals; issued quarterly or monthly. 3. A Cut Above Growth - Can N9.12trn Budget … 1. In practice, ensure the legislature is consulted before the executive reduces spending due to revenue shortfalls. 6.

Inclusive public participation is crucial for realizing the positive outcomes associated with greater budget transparency.

Nigeria's National Assembly provides limited oversight during the planning stage of the budget cycle and limited oversight during the implementation stage. Submitted by the executive to the legislature for approval; details the sources of revenue, the allocations to ministries, proposed policy changes, and other information important for understanding the country's fiscal situation. *The indicators for IFIs are *not* scored. A careful analysis of the 2019 agriculture budget proposal for the headquarters of the federal ministry of agriculture and the 45 other agencies and parastatals in the ministry reveals that the proposed 2019 budget line items are in synchrony with the ERGP. The proposed 2019 budget line item ‘green alternative implementation’with budget code ERGP30105281 and an allocation of ₦155,182,587is unclear. For more information, see here Stakeholders look forward to a time when the utilized capital votes for the sector will tend towards 95%. A legislative committee should examine the Audit Report and publish a report with their findings online.

2019 Budget to Place Nigeria on Path of Inclusive and Sustainable Economic Growth - Buhari, 3. Buhari and The National Assembly of Keynesians, 8. The federal government also intends to encourage crop specialization at the state level, implement a national agricultural quality assurance programme, enhance agricultural extension services, and expand the use of dams for commercial farming and aquaculture. Also, the allocation to capital expenditure for agriculture as a percentage of the total allocation to the agriculture sector dropped from 73.5% in 2018 to 58.2% in the 2019 proposal. In-Year Reports and the Mid-Year Review should be published online within three months of the end of the reporting period.

The ministry should be commended for impressive line items in the proposed budget but the real challenge will be in the successful implementation of the projects. The legislature and supreme audit institution in Nigeria, together, provide limited oversight during the budget process, with a composite oversight score of 55 (out of 100). This website makes use of cookies to maximise functionality and improve your experience on the website. Juliana Taiwo-Obalonye, Abuja President Muhammadu Buhari has stressed the need for traditional rulers to support his administration’s... © 2019 The Sun Nigeria - Managed by Netsera. Nigeria has a public participation score of 22 (out of 100).

This part of the OBS measures public access to information on how the central government raises and spends public resources. This includes multi-year estimates of expenditure and revenue, as well as estimates of expenditure and revenue for more than one year prior to the budget year. Sub-par Capital Spending By The FGN 6. As at 30th September 2018, the utilized component of the 2018 agriculture capital budget stood at 13.31%. Also, the capital budget implementation reports released by the Budget Office of the Federation shows that the utilized votes as a percentage of the annual capital appropriation peaked at 67.08% and 66.05% for 2016 and 2017 budget years respectively.

Its independence is not set in law, and it reports to the legislature. The three States that are yet to present their 2019 budgets are Cross River(South-South), Adamawa(North-East) and Zamfara(North-West). 2019 Budget Speech Delivered By His Excellency President Muhammadu Buhari 4. A legislative committee should examine in-year budget implementation and publish reports with their findings online. The Executive’s Budget Proposal should be submitted to legislators at least two months before the start of the budget year. Of the total proposed 2020 budget, ... 2020 – approximately 23% of the total proposed budget. The State is in the North-Central region of Nigeria and is endowed in the area of agriculture, tourism and solid minerals like coal and iron ore. South-West Zone has Highest Budget Combined. ’s independent fiscal institution (IFI) is the National Assembly Budget and Research Office. At the moment  33 out of the 36 States of the federation have presented their budgets to the legislature. President Buhari to Present 2019 Budget to NASS on December 19, 2018. This will go a long way to encourage individuals and organizations who want to track budget performance. 2019 Budget Speech Delivered By His Excellency President Muhammadu Buhari. for innovative public participation practices around the world. Country summary EN (pdf, 230.62 KB) Questionnaire EN (pdf, 915.34 KB) Contents. The Open Budget Survey (OBS) is the world’s only independent, comparative and fact-based research instrument that uses internationally accepted criteria to assess public access to central government budget information; formal opportunities for the public to participate in the national budget process; and the role of budget oversight institutions such as the legislature and auditor in the budget process. few: 0 - 40; limited: 41 - 60; adequate: 61 - 100.

Buhari and The National Assembly of Keynesians, Breakdown of Budget 2018 Presented by Minister of Budget and National Planning, President Buhari’s Speech At The Signing of The 2018 Appropriation Bill into Law, BECOME A CONTENT COLLABORATOR/SLA PARTNER, THE CAPITAL MARKET SERVICE QUALITY REPORT, THE NIGERIAN ONLINE TRADING PORTALS RANKING REPORT, Budget 2017: Total Capital Cost Released to MDAs Was N1.58trn, Nigeria Decides 2019 - The Presidential Candidates' Economic Thinking ... and The Winner Is Moghalu, How Technology Can Transform Insurance in Nigeria, Nigeria in 1min: Economic, Business and Financial Headlines – 040119, What To Expect From The Markets This Week - 091120, COVID Surge Keeps Oil Below $40- OIR 061120, NASD OTC Market CAP Decreased By -1.49% WoW to Close At N528.38bn, Market Review and Round-Up of Corporate News Announced During The Week Ending -061120, Subpar Expenditure, Subpar Revenue Collection, FGN Proposes Unprecedented Deficit to Drive Economic Recovery, Nigeria's 2021 Budget of Economic Recovery and Resilience, Highlights of FGN Budget Proposals for 2021 Fiscal Year, MSME - Policies, Acts, Rules & Regulations, Ecobank Named "Best Retail Bank In Nigeria 2020" - Asian Banker Awards, Ecobank Advocates More Collaboration between Fintech, Banks, and Telcos, 24th CIS Summit: Stakeholders Call on Capital Market to Support Nigeria's Economic Growth, SEC Extends Deadline to File Quarterly Financial Statements for The Period Ending Sept 30, 2020, Become a Content Collaborator/SLA Partner, Nigerian Online Trading Portals Ranking Report, Production of Collage / Content for Presentation. Please enter your username or email address to reset your password. In conclusion, early preparation and passage of the annual budget, increase in the allocation to the agriculture sector, increase in the capital component of the agriculture budget, improved utilization of the capital budget, clarity of the budget line items and improved engagement of the sector by civil society organizations is recommended.

A Cut Above Growth - Can N9.12trn Budget Do The Thrilling? The trend of budget allocation for the agriculture sector over the last few years shows that the allocation to agriculture as a percentage of the overall annual budget to all sectors increased from 1.25% in 2016 to 1.82% in 2017 and to 2.23% in 2018. A Cut Above Growth - Can N9.12trn Budget Do The Thrilling? A transparency score of 61 or above indicates a country is likely publishing enough material to support informed public debate on the budget. Include in the Year-End Report performance information and detailed actual outcomes for expenditures. The Lagos State budget earmarked at N852.3bn is the highest so far presented from the 33 states in the federation. A simpler and less technical version of the government's Executive’s Budget Proposal or the Enacted Budget, designed to convey key information to the public. Such a decrease suggests that agriculture has dropped in the pecking order of priority sectors of the government for the 2019 budget year and this is unacceptable to concerned stakeholders. Nassarawa State budget earmarked at N86.64bn is the lowest that has been presented across the nation. It examines the practices of the central government’s executive, the legislature, and the supreme audit institution (SAI) using 18 equally weighted indicators, aligned with the Global Initiative for Fiscal Transparency’s Principles of Public Participation in Fiscal Policies , and scores each country on a scale from 0 to 100. To improve oversight, the following actions should be prioritized: To strengthen independence and improve audit oversight by the Nigeria Office of the Auditor-General for the Federation, the following actions are recommended: Nigeria’s independent fiscal institution (IFI) is the National Assembly Budget and Research Office.

2.

Also, the budget line item ‘mechanization’ with budget code ERGP5105155 and an allocation of ₦1,090,362,665 is not a bad idea but stakeholders will like to know the details and breakdown of the machines to be procured. The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. These and other unclear, ambiguous and suspicious line items in the 2019 budget proposal should be clarified before approval. Taken individually, the extent of each institution’s oversight is shown below: weak: 0 - 40; limited: 41 - 60; adequate: 61 - 100. The survey is based on a questionnaire completed in each country by an independent budget expert: To further strengthen the research, each country’s draft questionnaire is also reviewed by an anonymous independent expert, and in Nigeria by a representative of the Budget Office of the Federation. This huge decrease in the capital vote of the sector is highly unacceptable to concerned stakeholders. 7. Ensure the supreme audit institution has adequate funding to perform its duties, as determined by an independent body (e.g., the legislature or judiciary). In addition, the survey collects supplementary information on independent fiscal institutions (see Box). Issued by the supreme audit institution, this document examines the soundness and completeness of the government's year-end accounts. Nigeria has increased the availability of budget information by: Nigeria should prioritize the following actions to improve budget transparency: Transparency alone is insufficient for improving governance. Breakdown Of The 2019 FGN Budget Proposal, 2. A Cut Above Growth - Can N9.12trn Budget Do The Thrilling? Describes the situation of the government's accounts at the end of the fiscal year and, ideally, an evaluation of the progress made toward achieving the budget's policy goals.