The Federal Government has announced plans to introduce a zero based budget system as a step towards fighting corruption and blocking leakages in the public service.
Speaking at the Nigerian Economic Summit yesterday, Vice President Yemi Osinbanjo said that the initiative would require ministries, departments and agencies to justify their budgetary allocations for each year.
With over 500 federal agencies in the country,a large part of the nation’s budget goes into payment of workers wages, but the new administration said that it has come up with a system to ensure that unnecessary items are not listed in the budgets except for projects with direct impact on the economy.
Prof. Osinbajo said that although, the process would be rigorous and stressful, it would ensure transparency and accountability.
The Vice President stated further that while insecurity is a big distraction that must be tackled with grassroots education and job creation for the majority of the youths, social investment and intervention must be given to the population of the poor in the country.
Professor Osinbajo noted that for the country to move up the global ladder, social reforms and investment that assures inclusive growth for majority of Nigerians was compulsory.