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Nairaland Forum / Nairaland / General / Politics / FG Planning Zero-based Budget For 2016 – Osinbajo (25079 Views)
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FG Planning Zero-based Budget For 2016 – Osinbajo by wolesmile(m): 10:59am On Sep 16, 2015 |
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/ 11 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Abbeyme: 11:02am On Sep 16, 2015 |
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 101 Likes 5 Shares |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 11:04am On Sep 16, 2015 |
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......... 93 Likes 4 Shares |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 11:06am On Sep 16, 2015 |
Sai Osinbajo Sai Buhari Sai APC ![]() 64 Likes 2 Shares |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by HomoSapiien: 11:06am On Sep 16, 2015 |
May God continue to support this administration 68 Likes 2 Shares |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by change49ja: 11:08am On Sep 16, 2015 |
Zero-based budgeting entails careful planning anchored on the needs and costs.
Way to go 30 Likes 1 Share |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by TonyeBarcanista(m): 11:09am On Sep 16, 2015 |
Story...story...Story! They have been saying all these since campaign period till date WITHOUT implementing any. Buhari/Osinbajo is a failed PROJECT! 29 Likes 2 Shares |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by change49ja: 11:12am On Sep 16, 2015 |
Now ALL ministries must account for every Kobo spent...Way to go... Stealing public fund is now Corruption 28 Likes 1 Share |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 11:23am On Sep 16, 2015 |
TonyeBarcanista: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. 137 Likes 9 Shares |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by TonyeBarcanista(m): 11:28am On Sep 16, 2015 |
sonOfLucifer:@emboldened.... So you sef believe in God? 14 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 11:30am On Sep 16, 2015 |
TonyeBarcanista:Why not? Every man has a right to create God in their own image. 19 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 11:34am On Sep 16, 2015 |
TonyeBarcanista:were they supposed to cancel the 2015 budget to implement this? 36 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by TonyeBarcanista(m): 11:36am On Sep 16, 2015 |
Obiagelli: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. 9 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Abbey24(m): 11:39am On Sep 16, 2015 |
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 5 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by wolesmile(m): 11:41am On Sep 16, 2015 |
TonyeBarcanista: Listen to yourself..... and I thought you're an educated fellow......... 67 Likes 1 Share |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by warrior01: 11:50am On Sep 16, 2015 |
TonyeBarcanista: 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 12 Likes 1 Share |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by OrlandoOwoh(m): 11:51am On Sep 16, 2015 |
TonyeBarcanista: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. 60 Likes 1 Share |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by TonyeBarcanista(m): 11:59am On Sep 16, 2015 |
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: 6 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by wolesmile(m): 12:18pm On Sep 16, 2015 |
TonyeBarcanista: 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. 45 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by warrior01: 12:24pm On Sep 16, 2015 |
wolesmile: 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 5 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by tunwumi: 12:25pm On Sep 16, 2015 |
ok kontinu |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Ymodulus: 12:33pm On Sep 16, 2015 |
OrlandoOwoh: 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 16 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Ymodulus: 12:35pm On Sep 16, 2015 |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by wolesmile(m): 12:45pm On Sep 16, 2015 |
warrior01: 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. 18 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by IsraeliAIRFORCE: 1:02pm On Sep 16, 2015 |
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. 2 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 1:08pm On Sep 16, 2015 |
IsraeliAIRFORCE:Care to share one of those promises 5 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by omowolewa: 1:10pm On Sep 16, 2015 |
Thatz the best budget system. It will allow for oversight, not the usual oversight priviously done. Once again, weldone sir. 9 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by teadrake(m): 1:17pm On Sep 16, 2015 |
TonyeBarcanista:A filthy mouth will not utter decent language-Anonymous 25 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by IsraeliAIRFORCE: 1:17pm On Sep 16, 2015 |
Obiagelli: 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. 6 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 1:18pm On Sep 16, 2015 |
TonyeBarcanista:On one hand you ask the government to show policy direction, on the second you tell them to STFU when they do. Wailing? 25 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by asha80(m): 1:21pm On Sep 16, 2015 |
omowolewa:will you be kind to elaborate? 2 Likes |
Re: FG Planning Zero-based Budget For 2016 – Osinbajo by Nobody: 1:22pm On Sep 16, 2015 |
IsraeliAIRFORCE:Just what I wanted to hear. Thanks 7 Likes |
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