{"id":4779,"date":"2013-06-05T14:27:50","date_gmt":"2013-06-05T14:27:50","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/rmafc-proposes-shift-in-fiscal-year\/"},"modified":"2013-06-05T14:27:50","modified_gmt":"2013-06-05T14:27:50","slug":"rmafc-proposes-shift-in-fiscal-year","status":"publish","type":"post","link":"https:\/\/disnaija.com\/rmafc-proposes-shift-in-fiscal-year\/","title":{"rendered":"RMAFC proposes shift in fiscal year"},"content":{"rendered":"
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By Abdulwahab Isa<\/p>\n

To correct distortions inherent in the implementation of annual budget, Chairman Revenue Mobilization Allocation and Fiscal Commission , Elias Mbam, has canvassed the shifting of the Fiscal Year from January 1st to June 1st of each year. This is enable any incoming Federal or state Government to take charge of its First Year Budget on assumption of duty on May 29th .
Mbam\u2019s presentation is contained in a memorandum submitted yesterday to the Senate Committee on the review of the National Planning and Budgeting .
He observed that current budget cycle does not support maximum utilization of the dry season period which should have been used for construction work thus accounting for low budget performance.
He also said that shifting the budget from current month of January to June will eliminate budget distortion in the first year of a new administration as obtains presently.
Mbam said that the adjustment of the national budget cycle should give room for seasonal variation, thus giving adequate time for the implementation of projects in compliance with the Public Procurement Act, 2007.
A statement by RMAFC Head, Public Relations Unit, Mohammed Ibrahim, quoted Mbam as saying that the present situation usually compels MDAs to return unspent funds that would have been expended on the execution of capital projects.
He also faulted the Envelope System whereby discretionary expenditure ceilings are fixed for MDAs without prioritization and taking cognizance of the financial requirements for peculiar and specific activities, projects and programmes thus contracting the bottom-up system of budgeting which promotes stakeholder awareness, consensus building and public ownership of the entire budgeting process and plans in line with global best practices.<\/p>\n

The post RMAFC proposes shift in fiscal year appeared first on Peoples Daily Newspaper, Nigeria.<\/p>\n

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