According to a statement by the Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, the Vice-President, Yemi Osinbajo (SAN) said the Federal Government has planned to use a zero-based budgeting format for its 2016 budget planning.
Zero-based budgeting is planning according to needs and costs, different from the existing ‘Envelope Budgeting’ or traditionally incremental budgeting whereby the planning is based on existing income and expenditure as the deciding factor in national financial planning levels, which often incurs waste and assumes previous costs as constant.
He added that the zero-based budgeting would be carefully coordinated to ensure that it is policy-driven, especially regarding the proposed social intervention policy of the President Muhammadu Buhari administration.
Source: ThisDay Newspaper
