The Ministry of Budget and National Planning has officially kicked off the preparation of the 2018 budget proposals in order to meet up with the October target of submitting the document to the National Assembly.

While signing the 2017 budget on Monday, Yemi Osinbajo, Acting President, had said that the executive had resolved that the 2018 budget would be laid before the legislators latest by October to enable them conclude work on it by December so that it could be signed into law at the beginning of the year.

On Tuesday, an event tagged ‘Flag off the 2018 Budget Preparation Process’, was held at the Old Banquet Hall of the Aso Rock Presidential Villa, Abuja, although journalists were not allowed to cover the event.

The event was intended to update the ministers and other relevant stakeholders on the processes and procedures expected of the various government ministries, departments and agencies in the budget preparation.

It was also to ensure that the 2018 budget proposal is in line with the Economic Recovery and Growth Plan (ERGP of the federal government.

The ERGP’s projected that Nigeria would make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.

According to plan, the key areas include stable macro-economic environment, agricultural transformation, food security, sufficiency in energy and improved transportation infrastructure.