FG prepares to submit 2024 budget in October

Through the ministry of Budget and Economic Planning, the Federal Government commenced the preparation of the 2024 budget, which it plans to submit in October 2023.

To achieve this, the budget office of the federation on Monday embarked on 2024 preparation training, principally on the Government Integrated Financial Management Information System Budget Preparation Sub-System (GIFMIS/BPS), for all Ministries, Departments, and Agencies (MDAs).

Ben Akabueze, Director General of the Budget Office of the Federation (BoF), said the training session underscores the budget office’s determination to enhance fiscal discipline and accountability in managing public funds.

Represented by Hapsatu Mormoni, director of revenue and fiscal policy, now the Ministry of Economic Planning and Development, he said, “This crucial training is aimed at enhancing your collective capacity to effectively use the Budget Preparation Sub-System of the Government Integrated Financial Management Information System in the budget preparation process.”

According to him, the GIFMIS budget preparation subsystem training programme provides participants with the tools and knowledge required to facilitate its budgetary processes. “This technology-driven system enhances our efficiency, minimizes bottlenecks, and enhances accountability,” he said.

“As we gather here, it is imperative that we recognize the significance of our roles in aligning our activities with the Nigerian people’s aspirations and the current Administration’s development agenda. President Tinubu’s Administration is committed to fulfilling its promises to our citizens. Our focus, therefore should remain steadfast on using it as a veritable tool for delivering the government’s commitment to all Nigerians.

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“Collaboration and synergy between the various MDAs is paramount to achieve this. We must harmonize our sectoral policies and programmes with the overarching National Development Plan 2021- 2025 and the specific agenda of this Administration. We must ensure that our efforts are synchronized, resources are optimally utilized, and the impact of our collective work resonates across the nation.

“MDAs are urged to study the Budget Call Circular in detail and avoid making mistakes that should ordinarily be avoided if they had complied with the relevant sections of the Call Circular. To this end, emphasis will be made in one of the modules this year on key items and sections to note in the 2024 FGN Budget Call Circular. To avoid doubt, we have the BOF Helpdesk running at full capacity currently to take care of all enquiries that officers may have in the preparation of their respective budgets,” Akabueze said.

During the interview session with journalists, Mormoni said, “We have to submit it before the end of October. We hope to meet the deadline so that the National Assembly can also do their own, and then the budget is passed within the year.”

On the 2023 budget, she said, “We are doing well, and we hope to bring out the figure very soon.”

Ade Agbana Titus, director of procurement, said the training would run across the six geopolitical zones within two weeks.

He said procurement before now was a mirage that cannot be assessed, but these days, some of the hitches in the procurement have been amended so there will be no bottlenecks in the processes. “Now we are trying to make sure we meet up with the budget,” he said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.