Lagos State Government has said for government to achieve efficient budget performance, government at all levels must reduce recurrent estimate and increase capital expenditure.
This, government said, will give room for successful implementation of capital projects that will impact on the lives of the masses.
The state’s Deputy Governor, Dr Idiat Adebule said this at the Institute of Chartered Accountants of Nigeria (ICAN) Symposium on the year 2015 budget with the theme: Come Back Nigeria – The Nation‘s Fiscal Challenges and The Way Forward For the New Administration.
Adebule regretted that over the years, the structure of the nation’s budget has not favoured significant infrastructure developments because previous budgetary provisions have been in favour of recurrent at the expense of capital expenditure, stating that this ugly trend has been the major reason why the nation’s budgets performed below expectations in the last few years.
According to her, lack of budget discipline over the years and its attendant consequences calls for decisive reforms that will reverse the direction in which the economy is heading to save the country.
She urged all relevant government agencies on budget implementation to adhere strictly with the budgetary provision as approved in the fiscal year.
She said: “A budget is meant to be implemented as approved. Lack of budget discipline as demonstrated in incurring expenditure in excess of the amount budgeted without following the due process is a recipe for budget failure.”
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