The House of Representatives has urged President Ahmed Bola Tinubu to Submit the 2025 Budget Proposal without further delay and in line with the Fiscal Responsibility Act.
The House in an urgent motion of Public importance by a member representing Abak Etim Ekpo Ika Federal Constituency of Akwa Ibom State, Mr. Clement Jimbo, noted that late Submission of the Budget would hinder thorough scrutiny of the Budget proposal before passage.
According to Mr. Jimbo, in line with section 11 Subsection 1 of the Fiscal Responsibility Act, the Budget proposal should be submitted before the National Assembly four months before the commencement of the implementation of the Budget.
The House also noted that failure to comply with the Fiscal Responsibility Act may hinder the adequate implementation of the Budget.
A budget in the context of a country refers to a detailed financial plan that outlines the government’s expected revenues and expenditures over a specific period, usually a fiscal year. It serves as a critical tool for economic management and policy implementation.
It consists key components such as revenues, which include tax revenues from various sources like income, corporate, sales, and property taxes, as well as non-tax revenues from government-owned enterprises, fees, and fines (Friedman, 1994).
Expenditures are divided into mandatory spending—obligatory expenditures like social security, pensions, and interest on debt—and discretionary spending, which includes budgeted expenses for defense, education, and infrastructure (Schick, 1990). Capital expenditures involve investments in long-term assets such as roads, schools, and hospitals. The budget also reflects a country’s fiscal health through deficits, which occur when expenditures exceed revenues, and surpluses, which arise when revenues surpass expenditures (Bahl & Linn, 1992).
Author
