The House of Representatives on Wednesday passed, for second, a bill seeking to establish an Office of Budget Management of the Federation, which will supervise preparation and implementation of the annual budget of the Federal Government.
The bill, when it becomes law, will make it mandatory for the President to lay an Appropriation Bill before the National Assembly, latest by second week of September, with the president assenting to it by second week of November, while the Appropriation Act implementation must begin on January 1 of every year.
The legislation was titled, ‘A Bill for an Act to establish the Office of Budget Management of the Federation and provide a legal framework for budget process management in the Federal Government of Nigeria to ensure effective regulation of budget preparation, presentation, implementation and auditing; and for related matters.’
Speaker of the House, Femi Gbajabiamila; and the Chairman, Committee on Implementation and Monitoring of the Legislative Agenda, Henry Nwawuba, sponsored the Office of Budget Management of the Federation Bill, 2022.
Already, the Federal Ministry of Finance, Budget and National Planning and the Budget Office of the Federation presently supervise preparation and implementation of the Federal Government’s budget.
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