A bill to create an Office of Budget Management of the Federation, which will oversee the creation and execution of the Federal Government’s yearly budget, was approved by the House of Representatives on Wednesday.
When the bill is passed into law, it will be necessary for the President to present an appropriations bill to the National Assembly by the latest second week in September, for the president to give his or her assent by the latest second week in November, and for the implementation of the appropriations act to start on January 1 of each 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.’
The Office of Budget Management of the Federation Bill, 2022, was sponsored by Femi Gbajabiamila, Speaker of the House, and Henry Nwawuba, Chairman of the Committee on Implementation and Monitoring of the Legislative Agenda.
The Federal Ministry of Finance, Budget, and National Planning as well as the Federal Budget Office currently oversee the creation and execution of the Federal Government’s budget.