By Kebba AF Touray
The Co-Chair of the ECOWAS Parliament Joint Committee on Administration, Finance and Budget Public Accounts Macroeconomic Policy and Economic Research, Rt. Honorable Benjamin Okezie Kalu has tasked his fellow regional lawmakers to promote transparency and accountability.
He made this call on Monday 12th August 2024, while delivering a statement at the delocalized meeting of the joint committee which is currently underway in Cote D’Iviore.
The meeting of the Joint Committee on Administration, Finance, and Budget Public Accounts Macroeconomic Policy and Economic Research of the ECOWAS Parliament on Monday 12th August 2024 commenced another delocalized meeting in Cote D’Iviore.
It is held in line with Articles 9 (1a) and 11 of the Supplementary Act A/SA.1/12/16 Relating to the Enhancement of the Powers of the ECOWAS Parliament.
The meeting is being held under the theme, “The Role of the ECOWAS Parliament in Community Budget Formulation and Monitoring”.
“As representatives of the people of the region, we must champion the promotion and practice of transparency and accountability. The Community Levy should be utilized to impact every individual in the society, especially those on the lowest strata,” he challenged regional lawmakers.
He highlighted that the budget is significant, as it provides a Pivotal Plan, which connotes that a budget is principally a financial roadmap for the upcoming period, “if all goes according to plan, it shows how much should be earned and spent on specific items”.
The budget, he stated, can lead to financing opportunities, stating that providing documents for previous periods with clearly outlined budgeted and actual spending, shows proficiency in the handling of organization finances.
He further stated that the budget helps to prioritize programs and activities, “a key consideration is the potential of each project, and how each aligns with the institution’s strategic goals and the extent to which they could positively impact Community citizens”.
The budget, he averred, can help set and report on internal goals, explaining that budgeting for an upcoming period is not just about funds allocation, stressing that it is also about determining how much revenue is needed to achieve desired goals.
He said financial goals should be attainable enough that one could count on them to inform the rest of budget allocations, the set goals inform the expenditure needed to reach them, and vice versa.
He said: “The primary function of budgeting is to ensure an organization has enough resources to meet its goals. Through effective financial planning, one can determine which programs and activities require more resources and which areas to cut back.”
