Home NewsOndo State News ONDO GOVERNMENT ADOPTS NEW BUDGET FRAMEWORK TO TACKLE POVERTY

ONDO GOVERNMENT ADOPTS NEW BUDGET FRAMEWORK TO TACKLE POVERTY

by ondoevents
0 comment

Fulfilling promises, facilitating development and alleviating poverty of its citizenry, are the concerns of the present administration in Ondo State.
The Commissioner for Economic Planning & Budget, Pastor Emmanuel Igbasan who was speaking at a two day budget preparation workshop held in Akure, said the Fiscal Responsibility Law recently passed by the Ondo State House of Assembly is one of the several budgetary reform processes meant to tackle poverty and bring in new lease of life for the people.
He said for this purpose the state government is transiting from single year to multi-year budgeting process, whch entails the preparation of strategic medium term budget documents like the Multi-Year Budgeting Framework (MYBF), Medium Term Sector Strategy (MTSS) and Medium Term Expenditure Framework (MTEF), all aimed at bringing rapid socio-economic transformation to Ondo State.

The Commissioner stressed that the meeting being the first of its kind involved the Civil Society Organisations (CSOs) and Non-governmental Organisations (NGOs) who actively participated in the preparation of the Ondo State fiscal policies for the years 2018 – 2020.
He explained that the present administration has therefore keyed into the multi-year budgeting framework.
The Permanent Secretary in the Ministry, Mr. Chris Kolawole said the Multi-Year Budget Framework (MYBF) is a three year top down approach to budgeting that involves estimate of the aggregate resources available for public spending and the allocation of these resources to meet priorities of government in the sectors or MDAs.
Mr. Kolawole advised all the participants to consider necessary parameters in drafting the budget and to respond positively for the overall interest of the state.

You may also like

Leave a Comment