Executive’s Budget Proposal is submitted by the executive to the legislature for approval; details the sources of revenue, the allocations to ministries, proposed policy changes, and other information important for understanding the country's fiscal situation. The document covers all of the basic elements: Forecast of the fiscal deficit; Previous year’s budget outturn, Current fiscal year’s budget; Aggregated budget data for both revenue and expenditure, as well as the following additional elements: Deficit financing; Macroeconomic assumptions; Debt stock; information on new policy initiatives/investments; and medium-term fiscal forecasts. The Minister shall prepare the National Budget Appropriation Bill for the following year no later than September 30th of each year. The Appropriation Bill approved by the Council of Ministers along with the Minister's speech shall be submitted to both Houses of the Federal Parliament no later than October 30th of each year.
Appropriation Act is the Enacted Budget, approved by the legislature. The two Houses of the Federal Parliament shall approve the proposed National Budget Appropriation Bill by December 31st of each year.