OrderPaperToday – Speaker of the Lagos State House of Assembly, Mr. Mudashiru Obasa has charged his colleagues to brace up to the challenge of effective oversight of the budget of the state.

Obasa asked them to ensure that the 2016 budget is properly scrutinized and promptly approved in order for Lagosians to start enjoying the dividends of democracy.

Obasa, who stated this while declaring open a three-day training and capacity building seminar organised for members of the assembly, added that there is the need to grasp the full understanding of budgeting in line with parliamentary roles.

According to the Speaker, “we need to know that we have oversight functions on the executive, and to effectively do this, we must understand the instrument needed, which is budget in this case.

While urging his colleagues to be more determined to achieve results as lawmakers and as true representatives of the people, he stated further that most Nigerians regard Lagos State as the centre of excellence.

He pointed out that no efforts should be spared at mapping out an effective strategy that could help in tackling the increasing poverty, unemployment and misery that have been confronting the people owing to the worsening global economic woes.

According to him, “comprehending what budget constitutes is germane to our daily oversight functions. We need to appreciate the basic components of budget such as Internally Generated Revenue (IGR), recurrent and capital expenditure, financing, income, overhead, production, totals, projections and expenses among others.

“This need is as important as the need to apply these same skills to the development, monitoring and implementation of the budget.”

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