4.5 Budget Formulation and Implementation

1. The formulation (the executive's work): the MTEF's frame (the three-year horizon); the budget-call-circular's descent (the ministries-and-levels' ceilings-and-submissions); the pre- budget consultations (the stakeholder faces); the NNRFC-and-approval's frame (the transfer- estimates' incorporation); the budget's drafting (the Finance Ministry's secret work). 2. The legislation: the presentation (the speech); the discussion's discipline (the House's-and- committee's scrutiny; the time's constraint); the passage (the Appropriation (the spending) + the Finance (the taxes) + the Debt-And-Guarantee-type companion bills' annual line). 3. The implementation: the release's machinery (the cash-flow's management); the spending's monitoring (the ministries' reports; the mid-year review); the revision (the surplus-and-transfer bills' mid-course faces); the accounts' closing (the year-end's discipline; the arrears' problem).