The Federal Ministry of Budget and National Planning on Tuesday in Abuja began the process of preparation for the 2018 budget proposals.
The early preparation is to meet up with a resolution that the Executive will submit 2018 budget proposals by October to the National Assembly.
The News Agency of Nigeria (NAN) gathered that an event, tagged: “Flag of the 2018 Budget Preparation Process’’ held behind a closed-doors at the Old Banquet Hall of the Aso Rock Presidential Villa, Abuja.
The event came up less than 24 hours after Acting President Yemi Osinbajo signed the 2017 Appropriation Bill into law.
NAN gathered that the objective of the event was to update the ministers and other relevant stakeholders on the processes and procedures expected of the Ministries, Departments and Agencies (MDAs) in the budget preparation.
The objective was also to ensure that that the budget proposals for 2018 align with achieving the key areas highlighted in the Economic Recovery and Growth Plan (ERGP).
The ERGP’s projected that Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.
The key areas are stable macro-economic environment, agricultural transformation, food security, sufficiency in energy and improved transportation infrastructure.
NAN also learnt that the meeting discussed step by step guidelines for delivering of each strategy in the ERGP.