A Bill for an Act to establish the Office of Budget Management passed second reading at the House of Representatives on Wednesday.
The bill, which seeks a framework for budget process management for the Federal Government, was sponsored by the Speaker, Femi Gbajabiamila and Rep. Henry Nwawuba.
Nwawuba explained that the bill was targeted at ensuring effective regulation of budget preparation, presentation, implementation and auditing.
The office would evaluate the effectiveness of programs, policies, and procedures of ministries, departments and agencies to ensure consistency with governing priorities.
The bill also seeks to improve the budget process by imposing compliance with strict timelines for the process in the National Assembly.
“It should apply concrete indicators to measure the performance of the annual budget to ensure delivery of the expected development outcomes as set out in various development plans.
“It will ensure accuracy and fiscal transparency and approve the withdrawal of statutorily approved funds from the federation accounts for the purpose of implementing the appropriations law of the federal government,” Nwawuba said.
The lawmaker added that it would also ensure quarterly reports of budget performance and implementation to the legislature.
The Speaker, Gbajabiamila directed that the bill be forwarded to the Committee of the Whole for accelerated action.