nigeria's budget in soup

nigeria's budget in soup

 The Senate yesterday issued a two-week ultimatum to Acting President Yemi Osinbajo to submit the budgets of the Central Bank of Nigeria (CBN), Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS) and 35 other federal agencies.

The ultimatum followed a motion sponsored by Senator Bala Ibn Na’Allah (APC, Kebbi) titled, “Non-submission of the 2017 budget by Public Corporations in violation of the Fiscal Responsibility Act.” Moving the motion, Na’Allah said the non-compliance to the provisions of the Fiscal Responsibility Act constitutes abuse of power and economic sabotage.The Senate also passed a unanimous resolution, stopping the agencies from further capital expenditure until the agencies complied with the fiscal responsibility Act.Senate President Bukola Saraki said the agencies must comply with the  ultimatum. “I cannot see how we can continue in a society where we are fighting corruption and people will be spending money without approval, without appropriations, it must stop, it will stop and is going to stop from now.“Clearly we have made our position that based on this amendment this agencies they must get their budget to us in two weeks and committee chairmen, I want to appeal that once we get the budget on our own part as well let’s ensure that we do it publicly, very diligently and try and turn it around as quick as possible,”  he said.Responding, an official at the FIRS, who did not want to be quoted told our correspondent on the phone that the agency had submitted all necessary documents to the Senate including its revenue profile.He also said that the FIRS had submitted its 2017 budget estimate, defended it before the relevant committees at the National Assembly and provided all details they required.According to him, the report making the rounds is ‘speculative and not true’.The affected  agencies include, Bureau of Public Enterprises (BPE), National Agency for Science and Engineering Infrastructure (NASEI), Nigeria  Airspace Management Agency (NAMA), Nigeria Shippers’ Council (NSC), National Maritime Authority (NMA), Raw Materials Research and Development Council (RMRDC), National Sugar Development Council (NSDC), Nigeria Postal Service (NPS), Nigeria Ports Authority (NPA), Federal Airport Authority of Nigeria (FAAN), Securities and Exchange Commission (SEC), Nigeria Tourism Development Corporation (NTDC), National Communications Commission (NCC), National Agency for Food and Drugs Administration and Control (NAFDAC), Nigeria Customs Service (NCS) and National Broadcasting Commission (NBC).

Others are National Insurance Commission (NIC), News Agency of Nigeria (NAN), Nigeria Copyrights Commission (NCC),Nigeria Deposit Insurance Corporation (NDIC), Nigeria Civil Aviation Authority (NCAA), Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS), Nigeria Electricity Regulatory Commission (NERC), Radio Nigeria, Federal Housing Authority (FHA), Nigeria Television Authority (NTA), National Automotive Design and Development Council (NADDC), Nigeria Nuclear Regulatory Authority (NNRA), National Business and Technical Examination Board (NABTEB), Federal Mortgage Bank, National Environmental Standards and Regulations Enforcement Agency (NESREA), Industrial Training Fund (ITF), Corporate Affairs Commission (CAC), Standards Organisation of Nigeria (SON), as well as Oil and Gas Free Zone Authority (OGZFA).