FG Committed To Speedy Recovery Of Economy – Udoma

Minister of Budget and National Planning, Udoma Udo Udoma
Minister of Budget and National Planning, Udoma Udo Udoma

The Federal government is committed to strengthening the linkage between development plans and budgeting processes to ensure better implementation of projects and programmes towards speedy recovery of the economy.

Udoma Udo-Udoma, Minister for Budget and National Planning, stated this at the 2016 National Economic Society Public Lecture, on Tuesday in Abuja, adding that even though government is vigorously fighting corruption from all angles, it was also seriously committed to inclusive growth and development.

Udoma said the various agencies of government were working in synergy to achieve the common goal of economic recovery and sustainable development.

He maintained that there should be a linkage between planning and budgeting as countries that have successfully transformed their economies have done so with the use of well implemented budgets designed in accordance with their strategic plans.

He noted that failure to link policies, plans and budgets may be the single most important factor contributing to poor planning and budgeting outcomes in many developing countries.






     

     

    “Countries where the planning process is fragmented and not adequately aligned with the annual budgeting process experience difficulty in implementing clear and consistent national policies. This has been the Nigerian experience”, he pointed out.

    Udoma admitted that Nigeria has not done well in ensuring that budget outcomes achieved planned targets, which is why according to him, President Muhammadu Buhari took the decision to merge the National Planning Commission and the Budget Office of the Federation to form the Ministry of Budget and National Planning.

    Mike Obadan, a Professor of Economics and past President of the Nigerian Economic Society, who also presented a paper titled “Strengthening the Budget-Plan link for inclusive development in Nigeria,” said with the structures on ground, Nigeria can still achieve sustainable growth and development within a short period if only government can develop the commitment and political will to implement development plans in a disciplined manner.

    Obadan applauded the Buhari administration for merging the Budget Office and that of the National Planning Commission, insisting that the merger must be made to work if it is to achieve the purpose.

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