Financial experts, who converged on the National Assembly on Monday, submitted that there was a fundamental flaw in the nation?s budgeting process.
While denouncing the situation, they recommended that the Budget Office should be removed from the Ministry of Finance and brought under the National Planning Commission in order to synchronise planning and budgeting.
They made the submission at a public hearing by the Senate Committees on National Planning and Poverty Alleviation and Finance, which are seeking to address the deficiencies in the nation?s planning and budgeting system.
It will be recalled that Senator Olubumi Adetumbi brought a motion in respect of the inefficient budget process, leading to the Senate?s resolution to conduct a public hearing on the matter.
Mr. Martins Oke of the Federal Character Commission said the Constitution had empowered the commission to ensure equitable distribution of amenities across the states of the federation.
He said FCC could only do this by its involvement in the budgeting process, adding that the current system was faulty for excluding the commission.
The Vice Chancellor, Vistas University, Prof. Mike Kwanashie, in his presentation, said, ?There is a massive disconnect between the budgeting process and national planning. This is not good for development.
?The capital budget should be moved to the National Planning Commission for proper coordination and planning, while the Ministry of Finance should concern itself with matters of treasury.?
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