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.