BMO Hails Buhari For Restoring January- December Budget Circle – Complete News

Niyi Akinsiju, Chairman Buhari Media Organization, BMO

A support group, the Buhari Media Organisation has hailed President Muhammadu Buhari for restoring January to December budget circle.

The group said the budget  would go a long way in ensuring that the country finally began implementing its national budget from the first day of the fiscal year.

In a statement by its Chairman, Niyi Akinsiju, and the Secretary, Cassidy Madueke, the BMO stated that the move was in line with  Buhari administration’s goal of leaving the country better than it met it.

The statement read, “For far too long, Nigeria has had a budget cycle that runs contrary to what is obtainable in developed economies and other countries on a growth trajectory.”

According to the BMO, in line with his pledge to effect a quantum change in the polity, the President has proved what three predecessors failed to ensure normal budget cycle.

The group said,  “He (Buhari) did not only dare to be different by sending the MTEF/FSP on time, but also in ensuring that  the budgets of the country’s major government owned enterprises are captured in the national budget estimates.

“So, for the first time since the return of democracy, Nigeria is on the verge of having a budget cycle that not only aligns with the business cycle of many financial institutions and other large corporations, but will also provide a leeway for robust planning in the economy.”

The BMO noted that by announcing that emphasis would be on completion of ongoing projects rather than starting new ones, the President has shown his readiness to depart from previous trends where annual budgets focused on new projects.

The statement added, “Nigerians must have heard him also emphasising government leveraging private sector spending through tax credit schemes, as well as ensuring a reduction in items that are considered as VATable.

“These, among others, show that this is indeed a budget on the philosophy of sustainable and inclusive economic growth and shared prosperity.”

The BMO hailed the leadership of the National Assembly for the convivial atmosphere that pervaded the legislative complex during the budget presentation.

It also called on the Federal lawmakers to ensure that the passage of  the 2020 Appropriation Bill in good time to ensure that the Buhari administration’s goal of institutionalising the January to December budget cycle was realised.