Research, innovation and learning are one of the key objectives of the Nigerian Building and Road Research Institute and it is in light of this that the Planning, Information and Technology Department (PITD) of the Institute carried out her monthly training on the 20th of February 2020 at the Administrative Headquarters in Abuja.
The resource person, Mr. Kehinde Arabi spoke on the topic ‘Organic Budget Law’. The Organic Budget Law is a law specifying the schedule and procedures by which the budget should be, prepared, executed, accounted for and final accounts submitted for approval. He mentioned that The aims of the organic budget law includes the creation of legal framework regulating the budget process, adjusting the budget procedures to country’s legal, cultural and political conditions, strengthening the transparency of budget information, and clearly indicating division of responsibilities. He also stated that the sources of this law in countries like Poland includes the constitution of the republic, act on public finance and decrees of the Council of Ministers and the Finance Minister.
Limitations of the organic budget law are the possibility of changing the draft of the budget in the parliament, state budget cannot embrace regulations changing other acts, and state budget can determine expenditure limits for multi-annual programs amongst others.
Stages of passing the budget include preparation, passing the state budget, state budget execution, state budget control. He also maintained that the usefulness of the organic budget law is that it helps the implementation of the budget faster and it ensures efficiency.