Abujaâ€”The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has faulted the current budgeting processes and practices in the country.
RMAFC Chairman, Mr. Hamman Tukur, raised the objection in his presentation at the 12th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja.
He said the faulty processes had contributed to the under-development of the country as well as its economic woes over the years.
Tukur said it had become necessary to review the budgeting procedures and practices to achieve efficiency in the preparation and implementation of budgets for the overall accelerated development of the economy and the nation at large.
According to him, any keen observer of the budgeting practices by all tiers of government from 1999 to date will have been concerned by certain practices and procedures.
The chairman also blamed the recurring disputes between the legislative and the executive arms of government in respect of preparation, approval and implementation of annual budgets on faulty processes.
Tukur noted that â€œthe critical issue is that these practices, procedures and disputes have impacted negatively on the countryâ€™s economy.