President Muhammadu Buhari has forwarded 2016 budget proposals of 38 Ministries, Departments and Agencies to the National Assembly for consideration, thereby making it the first time revenue generating agencies would be subjected to the fiscal responsibility Act.
The Senate after an hour closed-door meeting announced that President Buhari has written, seeking approval of the Senate to enable MDAs expend funds for various projects in line with statutory laws.
“Distinguished Senators, I wish to announced that President Buhari has in a letter addressed to the Senate President forwarded 38 MDAs Budget, seeking for consideration of the Senate,” he announced.
DAILY POST observed that the provisions of Fiscal Responsibility Act, 2007 succinctly provides that all Government Revenue Generating Agencies shall not spend revenues they so generate except through budgetary approval. This provisions have been flouted in the last 9 years save for the Central Bank of Nigeria (CBN) and Nigeria National Petroleum Corporation (NNPC) which partly subjected its budgetary proposal to Senate’s scrutiny.
Agencies like the Corporate Affairs Commission which is under Federal Ministry of Trade and Industry and others have huge revenue profiles which they have been spending on their own, yet got federal subvention.
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