Vice President, Yemi Osinbajo disclosed in Abuja on Tuesday that the federal government was planning to use a zero-based budgeting format for its 2016 budget planning.

He said the new system would be properly coordinated to ensure that it was policy-driven, especially the proposed social intervention policy of the president Mohammdu Buhari’s administration.

Zero-based budgeting entails careful planning anchored on the needs and costs.

It is different from the current Envelope Budgeting or traditionally incremental budgeting whereby the planning is based on existing income and expenditure as the deciding factor in national financial planning levels, which often incurs waste and assumes previous costs as constant.

Osinbajo gave the hints on the 2016 budget during a courtesy call on him by the National Economic Summit Group (NESG) at the presidential villa.

The Vice President also noted that the introduction of the Treasury Savings Account, TSA, in the Ministries, Department and Agencies, MDAs was a policy initiative that would block perceived leakages within the government financial systems and make the budget a workable document

Disclosing that Buhari’s administration was articulating a four-year action plan that would guide it, Osinbajo stated that the “zero-based budgeting, (2016 budget) the Federal Government will also focus on a bottom-up approach to development.”

He further disclosed that the Federal Government is planning to set up an infrastructure fund in order to facilitate easy funding for critical areas of the economy.

The infrastructure fund, according to the Vice President, would be planned outside of the budget, to handle major segments of the economy such as road and power.

“Government is working out a document that would guide the administration within the four years of its life-span”, he said.

On its part, the NESG delegation hailed the Federal Government for the introduction of the new TSA policy, stating that it would serve as a part of the advocacy for a sound financial policy in Nigeria.

Similarly, the Vice President also met with a delegation from the Chartered Institute of Stockbrokers (CIS) and the Association of Stockbroking Houses of Nigeria (ASHON).

The Vice President disclosed at the meeting that the Federal Government would explore the avenue of utilizing the capital market as another means of providing alternative funding options for the execution of capital projects.

According to him, “allowing retail investors to come into the nation’s capital market will ultimately deepen the market with potentials for multiplier effects on other sectors of the economy.”

The Vice President stated that the challenges facing the capital market included unethical practices by some market operators which he said stifled growth.

He regretted that there was no punitive measures for most operators responsible for the crash of the market in the past were and called on the two bodies to engage in self-regulation as a means of protecting investors and the market.

In his remarks, the leader of the delegation and Acting President of CIS, Mr. Oluwaseyi Abe, commended the achievements of the Buhari administration within 100 days, especially its impact on security, power and the anti-corruption crusade, noting its positive effects on the overall economy.

He remarked that a new Nigeria was being formed under the present leadership of President Muhammadu Buhari.


http://www.vanguardngr.com/2015/09/fg-planning-zero-based-budget-for-2016-osinbajo/

Wait o.

Is it the same universal zero (0) that we all know?

That sounds like making of a Carnot Heat Engine. Where outflow = inflow, thereby giving rise to very minimal loss.

That'll be cool, if politicians allow it to work...

In this tenure, stealing = corruption, gba be

We are safe in your hands, i am so confident about that. God bless Osinbajo. God bless President Buhari..................................... *singing* carry me dey go, Buhari, carry me dey go, dey go, dey go.........

Sai Osinbajo
Sai Buhari
Sai APC

Zero-based budgeting entails careful planning anchored on the needs and costs.

It is different from the current Envelope Budgeting or traditionally incremental budgeting whereby the planning is based on existing income and expenditure as the deciding factor in national financial planning levels, which often incurs waste and assumes previous costs as constant.

Way to go

Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any.

Buhari/Osinbajo is a failed PROJECT!

Now ALL ministries must account for every Kobo spent...Way to go...

Stealing public fund is now Corruption

TonyeBarcanista:
Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any.

Buhari/Osinbajo is a failed PROJECT!

Don't worry. When it gets implemented, you will be there to show us how GEJ began the process. I trust you. God bless you.

sonOfLucifer:

Don't worry. When it gets implemented, you will be there to show us how GEJ began the process. I trust you. God bless you.

@emboldened.... So you sef believe in God?

TonyeBarcanista:
@emboldened.... So you sef believe in God?

Why not? Every man has a right to create God in their own image.

TonyeBarcanista:
Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any.

Buhari/Osinbajo is a failed PROJECT!

were they supposed to cancel the 2015 budget to implement this?

Obiagelli:

were they supposed to cancel the 2015 budget to implement this?

Then they should STFU and deliver on their promise. If they aren't comfortable with the 2015 budget they should send Executive bill for an amendment in areas that they are uncomfortable with. All these noise DON'T impress Nigerians.

A welcm development, dis administration lead by PMB/PYO re bunch of gurrus, by zero base budget dey just heat d nail, i guess dis wil go a long way in blocking leakages nd wil enhance judiciou utilization of public funds. God best FRN, God best PMB/PYO

TonyeBarcanista:
Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any.

Buhari/Osinbajo is a failed PROJECT!

Listen to yourself..... and I thought you're an educated fellow.........

TonyeBarcanista:
Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any.

Buhari/Osinbajo is a failed PROJECT!

They've not really failed; it beholds on us to guide them through constructive criticism to achieve a better result for the betterment of this country as we don't have another country we call our own for now. I wish this administration the very best just that the sycophancy and unnecessary propaganda is nauseating

TonyeBarcanista:
Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any.

Buhari/Osinbajo is a failed PROJECT!

The 2015 budget has been passed since the campaigns ended early this year. Even at that, it was prepared by the outgoing Jonathan, not Buhari. It's time you started realizing that the opposition ridicules itself when it start criticizing all that the government does. Metuh himself won't make this same blunder as you.

So far we have been criticising them in the most constructive manner. Despite that, we can't hide the fact that their project is a FAILED one.

warrior01:


They've not really failed; it beholds on us to guide them through constructive criticism to achieve a better result for the betterment of this country as we don't have another country we call our own for now. I wish this administration the very best just that the sycophancy and unnecessary propaganda is nauseating

TonyeBarcanista:
So far we have been criticising them in the most constructive manner. Despite that, we can't hide the fact that their project is a FAILED one.

Pray, what project are you talking about? After how many months in office? And you claim to make constructive criticisms.... I am sure you are the type that will be involved in destructive hooliganism, without recourse, if the opportunity presents itself.

wolesmile:


Pray, what project are you talking about? After how many months in office? And you claim to make constructive criticisms.... I am sure you are the type that will be involved in destructive hooliganism, without recourse, if the opportunity presents itself.

To be frank, the 'destructive hooliganism' you talked about was introduced by Apc and do we really blame people that wants to pay them back in their own coin? Please let sanity reign

ok kontinu

OrlandoOwoh:

The 2015 budget has been the only passed since the campaigns ended early this year. Even at that, it was prepared by the outgoing Jonathan, not Buhari. It's time you started realizing that the opposition ridicules itself when it start criticizing all that the government does. Metuh himself won't make this same blunder as you.

Thanks bro.


The time where we see budget of N7.4 Billion for clearing grasses is over. The era where we see 14.5Million for feeding one Animal a year in Aso rock zoo is over.

I just talked about the budget this week and true to my words it's turning out as expected.

https://www.nairaland.com/2596519/like-father-like-son-budgetary

A budget that we can be proud of.

Sai Buhari !!!!!!! Sai Baba!!!!
Sai Osibanjo

I just talked about the budget this week and true to my words it's turning out as expected.


Sai Buhari !!!!!!! Sai Baba!!!!
Sai Osibanjo

warrior01:


To be frank, the 'destructive hooliganism' you talked about was introduced by Apc and do we really blame people that wants to pay them back in their own coin? Please let sanity reign

Introduced by APC? To be candid, as far as Nigerian Politics is concerned, I can describe myself as being apolitical. I support any leader, be it LG, State or National, that gives me good governance. It's a fallacy, sir, to say APC started Political Thuggery in this nascent democracy. Perhaps you got your story twisted..... or you are just being deliberately fallacious..... or you are just writing without giving what you write a thought...... But bro, go get your facts straight, and TELL THE STORY RIGHT.

Unfortunately, the NASS (Legislators) have the purse and may no longer be willing to abdicate such powers.

I thought the constitution says there shall be annual budget.

The V.P should just keep quiet for the time being. Most of the promises APC and President Buhari are denying today came specifically from his desk.

IsraeliAIRFORCE:


The V.P should just keep quiet for the time being. Most of the promises APC and President Buhari are denying today came specifically from his desk.

Care to share one of those promises

Thatz the best budget system. It will allow for oversight, not the usual oversight priviously done.

Once again, weldone sir.

TonyeBarcanista:
Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any.

Buhari/Osinbajo is a failed PROJECT!

A filthy mouth will not utter decent language-Anonymous

Obiagelli:

Care to share one of those promises

Ask some children along the streets near you.

I don't do controversial back and forth debate that do gender strife.

Ask me any intelligent question and get your answer in few minutes.

TonyeBarcanista:
Then they should STFU and deliver on their promise. If they aren't comfortable with the 2015 budget they should send Executive bill for an amendment in areas that they are uncomfortable with. All these noise DON'T impress Nigerians.

On one hand you ask the government to show policy direction, on the second you tell them to STFU when they do.
Wailing?

omowolewa:
Thatz the best budget system. It will allow for oversight, not the usual oversight priviously done.

Once again, weldone sir.

will you be kind to elaborate?

IsraeliAIRFORCE:

Ask some children along the streets near you.
I don't do controversial back and forth debate that do gender strife.
Ask me any intelligent question and get your answer in few minutes.

Just what I wanted to hear. Thanks