The ECOWAS Parliament’s joint committee on administration, finance, and budget, public accounts, macroeconomic policy, and economic research has highlighted the importance of proper budgeting in the successful implementation of community projects and programms.
During the committee’s delocalised meetings in Abidjan, Cote d’Ivoire co-chair Rt Hon Benjamin Kalu, emphasised that a well-planned budget is crucial for making informed decisions about the allocation of funds.
Kalu, who serves as Nigeria’s deputy speaker of the House of Representatives, highlighted that the primary objective of budgeting is to ensure that the ECOWAS Parliament has adequate resources to accomplish its objectives.
He emphasised that efficient financial planning facilitates the allocation of resources to programs and activities that will provide the maximum value for the sub-region and its institutions.
In his words, “Realistic financial objectives are essential to inform the remainder of budget allocations. These goals influence the expenditure required to achieve them and vice versa.”
Kalu also pointed out that the budgeting process aids the prioritization of programs and activities. The key consideration is the potential of each project, alignment with the institution’s strategic goals, and its positive impact on the community.
He added that a well-prepared budget can open doors to financing opportunities. “When community institutions require aid, investors value their present, past, and predicted financial performance. Relevant documents, including previously budgeted and actual spending, suggest expertise in handling organisational finances.
“It can lead to financing opportunities, when deciding to provide aid to community institutions, investors highly value its current, past, and predicted financial performance, providing documents for previous periods with clearly outlined – budgeted and actual spending, shows proficiency in the handling of organization finances,” he said.
The Co-chair also noted that budgeting provides a pivotal plan, stressing that a budget is principally a financial roadmap for the upcoming period.
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