A financial expert, Dr Glenn Prince-Abbi, on Monday urged the Federal Government to map out strategies for proper monitoring and evaluation of national budget to ensure enhanced performance.
Prince-Abbi, the Chief Executive Officer (CEO) of Espera Global Corporation, said this in an interview with the News Agency of Nigeria (NAN) in Lagos, while reacting to 2021 budget proposal.
He said that government should put in place tough monitoring and evaluation mechanisms to ensure budget performance.
He noted that previous budget performance assessments had not been impressive.
Prince-Abbi added that government needed to apply more drastic measures to prevent a repeat of past experiences in the 2021 fiscal year.
He said that revenue generating agencies must be compelled to perform optimally on their revenue target deliverables.
“Over the years, taking for instance 2015 to 2020, performances on both oil revenue and non-oil revenue projections have shown disturbing disparities.
“I think we need to put in place measures, strategic and operational frameworks which can help to bridge the gap and stem the persisting dissonance between budget making and budget performance.
“The Federal Government needs to apply more drastic measures to prevent this in the 2021 fiscal year.
“Also, revenue generating agencies must be compelled to perform optimally on their revenue deliverables. These are no times for business-as- usual,” Prince-Abbi said.
He also called on government to contain recurrent expenditure and increase budgetary allocation to capital expenditure to accelerate economic growth.
“Recurrent expenditure must be put on progressive containment in order to release the much needed revenues to address capital expenditure in priority areas.