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BUHARI APPROVES N241.5B BUDGET

BUHARI APPROVES N241.5B BUDGET

BUHARI APPROVES N241.5B BUDGET

BY OMOKHUALE PUAH

The President of Nigeria, Muhammadu Buhari has signed the 2016 Federal Capital Territory (FCT) Abuja’s Appropriation Act.

This statement was made by the Senior Special Assistant to the President on National Assembly Matters, Senator Ita Enang.

As stated by Senator Enang, President Buhari endorsed the N241.5b 2016 FCT budget, as issued by the national assembly.

According to the adviser to the president, “The legal endorsement of the FCT budget came into effect which will result in employment of both the formal and informal sectors through project implementation and employment”.

Based on the statutory corporations and agencies, Sen. Enang said that some Nigerians questioned the fact that the budgets were laid before the national assembly, but explained that the president directed the budgets of listed agencies to be listed before the National Assembly also with its Fiscal Responsibility Act 2007 also with the independent of the annual Appropriation Act.

According  to Enang, the agencies listed involves, Nigerian National Petroleum Corporation, Nigeria  Deposit Insurance Corporation, Bureau Of Public Enterprises, Nigeria Agency For Science And Engineering Infrastructure, Nigeria Social Insurance Trust Fund, Corporate Affairs Commission, Nigeria Airspace Management Agency, Nigeria Shippers Council, National Maritime Authority, Raw Materials Research And Development Council, Nigeria Civil Aviation Authority, National Sugar Development Council, Nigeria Postal Service, Nigerian Ports Authority, Federal Airport Authority Of Nigeria And Nigeria Mining Corporation.

In his words, “It is highly required by the law that the National Assembly should always consider and pass such budget, because what amounts to the total expenditure of the country is gotten from what is spent in the national budget, in addition to the total annual expenditure”.

He further said that “based on the vacancies created by retirement, the new employable vacancies are determined by the budgetary requirements of the agencies, as approved by the National Assembly”.

Also in his statement, the budget will increase non-oil revenues that are internally generated, since the agencies are under law of keeping 20 percent of their operational surplus and remitting the remaining 80 percent to the FG.

 

“This method of Appropriation will ensure that no revenue is hidden, because the eye of the National Assembly is solely upon the Act”.

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