House of Representatives is to convene a legislative summit with relevant stakeholders to improve budget process and implementation in Nigeria.
The decision followed a motion sponsored by a member from Bauchi State, Alhaji Mansur Soro, on the need to improve budget process in Nigeria.
Alhaji Mansur Soro, explained that the presentation of the motion became necessary in view of poor implementation and service delivery as a result of the delay in budget process and presentation.
The lawmaker maintained that global budgetary practice requires a defined budgetary framework with timelines to reduce uncertainty, promote compliance and coordination.
He said investigation by experts revealed that hundred days delay in budget implementation tends to depress a nation economy by at least two point five percent negatively.
Mover of the motion however, urged the executive to automate the national budget formulation, execution and reporting process to minimise diversion of public funds and corruption as the major scourge of the society.