The Natural Resource Fund Bill 2018

Today is Budget Day. The year 2019 would mark the fourth year for which the national budget is presented to and approved by the National Assembly before the year begins. Prior to 2016, the budget was presented around the deadline set by Article 218 (1) the Constitution, except for the year 1976. That deadline is not later than 90 days of the commencement of the year. An early budget avoids the Minister of Finance authorizing withdrawals from the Consolidated Fund in the first four months of the year pending the approval of the budget, but more importantly, it allows heads of budget agencies to plan their expenditures in greater detail before the year commences, especially in the area of procurement. However, considering that the majority of government expenditure relates to public procurement, significant progress is yet to be achieved to ensure that budgetary allocations are fully supported by detailed procurement plans.