Prof. May Nwoye, Dean of the Faculty of Management Sciences at Nile University, Nigeria, has called on the ECOWAS Parliament to prioritize effective formulation, monitoring, and implementation of community budgets to drive subregional development.
Speaking on the sub-theme “Improving the Effectiveness and Efficiency of the ECOWAS Parliament in Considering and Monitoring the Community Budget,” at an event focused on the role of the ECOWAS Parliament in budget formulation and monitoring, Nwoye emphasized the importance of aligning budgets with ECOWAS Vision 2050 goals.
She defined a budget as a financial roadmap that enables institutions to set goals, manage expenditures, and track progress, noting that proper budget management is essential for financial stability and resource efficiency.
“Effective budget formulation is crucial for achieving economic stability, promoting growth, and ensuring efficient resource allocation,” Nwoye said. She stressed the importance of ethical budgeting as a cornerstone of financial management, urging parliamentarians to adopt strategies that decolonize the region and ensure African resources benefit its people.
Nwoye highlighted the economic challenges facing the subregion, pointing out the need for an impeccable system capable of delivering socioeconomic services. She praised the parliament for bringing financial management issues to the forefront, underscoring the importance of strategic planning and intentional action in advancing ECOWAS’s economic integration.
The event aimed to enhance parliamentarians’ understanding of community budget formulation and implementation, helping them address challenges in balancing budgets across the region.
Nwoye also emphasized the need for a strong working relationship between the ECOWAS Parliament, the ECOWAS Commission, and the Administration and Finance Committee (AFC) to implement the 2016 Supplementary Act effectively.
She urged the parliament to facilitate collaboration among ECOWAS institutions and relevant bodies to ensure effective budget formulation, monitoring, and implementation. “By closely monitoring and controlling the budget, ECOWAS Parliament can identify potential issues and take timely actions to address them,” she added.
Nwoye encouraged the use of ICT tools, such as budgeting software, to enhance budget monitoring and control, ensuring accountability and transparency through a dedicated budget oversight committee.
