A Bill for an Act to establish the Office of Budget Management of the Federation on Wednesday passed second reading at the House of Representatives.
The bill which sought to provide a legal framework for budget process management for Federal Government was jointly sponsored by Speaker Femi Gbajabiamila and Rep. Henry Nwawuba.
Presenting the bill, Nwawuba said that it sought to ensure effective regulation of budget preparation, presentation, implementation and auditing.
“The office is to evaluate the effectiveness of programs, policies, and procedures of the ministries, departments and agencies of government to ensure consistency with governing priorities.
“It is to provide budget function, implement budget and fiscal policies of the Federal Government and improve the budget process by imposing compliance with strict timelines for the Budget process in the National Assembly.
“It should apply concrete indicators to measure the performance of the annual budget to ensure delivery of the expected development outcomes as set out in various development plans.
“It will oversee the implementation of the budgets of the federal government to ensure accuracy and fiscal transparency and approve the withdrawal of statutorily approved funds from the federation accounts for the purpose of implementing the appropriations law of the federal government,” he stated.
He said that the would also ensure quarterly reports of budget performance and implementation to the National Assembly.
In his ruling, the speaker referred the bill to the Committee of the Whole for accelerated legislative action. (NAN)