Government To Introduce Zero Based Budget System

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.

Addressing participants at the Nigerian Economic Summit on Wednesday, 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 great chunk 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 of federal institutions 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.

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