President Bola Ahmed Tinubu, recently approved the appointment of Mr. Tanimu Yakubu as the Director-General of the Budget Office of the Federation.
Yakubu’s appointment followed the expiration of the tenure of Mr. Ben Akabueze.
The Budget Office of the Federation, situated in the Ministry of Budget and Planning, was established to provide various functions.
This very important ministry is also saddled with the responsibility of catalyzing equitable mobilization and distribution of the Nation’s resources to engender sustainable socio-economic development.
Beyond the above mentioned, it provides efficient and qualitative budget functions to Nigeria, geared towards promoting fiscal sustainability, transparency and accountability in public finance management for national development in line with International best practices.
But what are the critical functions of the Budget Office every Nigerian must know? They are presented below:
1. The Nigerian Budget office is charged with the responsibility of preparing the Executive budget.
2. The Office oversees budget implementation, and budget monitoring.
3. The Ministry of Budget implements fiscal policies of the Federal Government of Nigeria to maintain aggregate fiscal discipline,
4. It also allocates resources in accordance with government priorities, and promotes the efficient delivery of services.
5. The Ministry further performs revenue estimation using current and realistic assumptions on oil production and prices.
6. It also involves estimation of non-oil receipts, and employing realistic macroeconomic indicators to develop a macroeconomic framework used in aggregate fiscal estimates for the Medium Term expenditure Framework.
7. Framework Development for the annual budget is another responsibility of the Ministry.
8. It coordinates the preparation of Medium Term Sector Strategy (MTSS) across the Federal Sector MDAs and ensures that the MTSS significantly drives annual budget estimates with the issuance of Budget Call Circulars (BCC) that clearly links MTEF, MTSS and the annual budget.