OGSG ENGAGES LGs ON JUDICIOUS BUDGET EXPENDITURE
To allow for creative suggestions, contributions and opinions, towards even and equitable development across the State, the Ministry of Budget and Planning has engaged Local Government Administrators in preparation for the 2023-2025 Medium Term Expenditure Framework (MTEF).
Speaking at the open consultative meeting with the administrators in Abeokuta, the Chief Economic Adviser to the Governor and Commissioner for Finance, Mr. Dayo Okubadejo said the meeting was conveyed with the aim of achieving prudent financial management of resources at ensuring greater transparency and accountability in the fiscal operations of council areas and the State government.
The Commissioner added that the present administration was committed to repositioning the State, in achieving a world-class financial management system that conforms to international best practices.
According to him, “this forum is in fulfillment of the Fiscal Responsibility Law because we believe in the principles enshrined in it, which exemplifies an all-inclusive approach to governance that will allow for your creative suggestions, contributions, opinions, as well as proposals on how to creatively plan for the next fiscal year”.
Okubadejo informed that there was a need for the Local Government to evolve new methods for an increased source of revenue generation and block leakages, urging them to establish and maintain a cordial relationship, as well as sound economic balance with proposed investors willing to create empowerment for the people of the State.
Presenting the MTEF Budget Framework, Commissioner for Budget and Planning, Mr. Olaolu Olabimtan said Local Government heads should understand the fiscal standard practices towards ensuring judicious expenditure processes by spending more on Capital Expenditure and less on Recurrent, as well as monitor and audit the implementation of Capital Expenditure as contained in the approved Annual budget.
Olabimtan added that to achieve optimum implementation of the Fiscal Responsibility law, effective strategies such as Medium Term Fiscal Framework, Medium Term Budget Framework, Medium Term Sector Strategy as well as Monitoring and Evaluation must be put in place, reiterating the need for the Local Government administration to control their expenditure and give priorities to their proposed plans.
Responding on behalf of the Local Government Administrators, the Chairman, Ijebu-Ode Local Government, Hon. Emiola Gazal appreciated the State government for the meeting, which he described as apt, assuring that they would avail the opportunity to ensure efficient and effective budget allocation and management of resources in their respective areas.
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