DG lists paths for effective budget system
CHIGOZIE AMADI
The Director-General of the Budget Office of the Federation, Mr Tanimu Yakubu, has underscored the need for continuous training in the use of the GIFMIS/BPS system for efficiency.
GIFMID/BPS is Government Integrated Financial Management Information System Budget Preparation Sub-System.
Yakubu emphasised this on Monday in Lagos at the training of officials of various Ministries, Departments and Agencies (MDAs) on the 2025 budget preparation using GIFMIS/BPS.
Yakubu, who was represented by Mrs Funmi Lasekan, Director of Economic Expenditure, Budget Office of the Federation, said that this system remained crucial for ensuring a well structured budget.
According to him, the training is part of the government’s ongoing efforts to address the fiscal challenges faced by the country and improve budget efficiency.
He said that the quality of the national budget was key to meeting the expectations of the Nigerian people.
“As we prepare the 2025 budget, it is essential that MDAs stay true to their mandates and ensure that their budget proposals are coherent, purposeful and aligned with the government’s vision for security and development,” he said.
The director-general reiterated that President Bola Ahmed Tinubu’s administration remained committed to overcoming the current fiscal challenges, including insecurity, limited resources, and global economic pressures.
He noted that the budget preparation process would play a significant role in fostering capital accumulation, meeting investor expectations and empowering citizens through strategic resource allocation.
He also highlighted the importance of collaboration among MDAs to align their policies and programmes with the government’s Renewed Hope Agenda and National Development Plan.
This synergy, Yakubu said, was necessary to mobilise resources effectively, enhance infrastructure, and boost economic growth.
He, therefore, urged participants to engage fully in the training for the tools needed to navigate the budget process efficiently, avoid errors, ensure transparency and accountability in the use of government resources.
“The GIFMIS Budget Preparation Subsystem is designed to eliminate bottlenecks and promote accountability, and I encourage all MDAs to take full advantage of this system as they prepare their respective budgets,” the DG added.
Also, Mr Alfred Okoh, Technical Adviser to the Director General, Budget Office of the Federation, said that in spite of several headwinds, the Nigerian economy posted positives, though lower-than-expected, growth for the 14th consecutive quarter.
Okoh said that the Real Gross Domestic Product (GDP) grew by 3.19 per cent year-on-year in second quarter of 2024, up from 2.98 per cent in first quarter same year.
According to him, this is higher than the 2.51 per cent recorded in second quarter of 2023.
He explained that growth in second quarter of the year was driven mainly by the Services sector, which grew by 3.79 per cent and contributed 58.76 per cent to aggregate GDP.
However, this sector’s contribution contracted by 0.63 per cent compared to the corresponding period of 2023.
This, he added, reflected a surge in the Industrial sector’s growth to 3.53 per cent in second quarter 2024 from -1.94 per cent in second quarter 2023.
Okoh noted that non-oil sector grew by 2.8 per cent in second quarter of 2024, slightly lower than the 3.58 per cent growth recorded in second quarter of 2023
