SAN FRANCISCO, May 17, (THEWILL) – The Senate has given Acting President Yemi Osinbajo a two-week ultimatum to ensure that the budgets of 34 revenue generating agencies are submitted to the National Assembly for accent.
The upper legislative chamber made the resolution sequel to a motion sponsored by the Deputy Senate Leader, Bala Na’allah, as the Senate ordered the affected agencies to halt expenditure until the budgets were submitted.
Some of these agencies are Federal Airports Authority of Nigeria (FAAN); Securities and Exchange Commission (SEC); Bureau of Public Enterprises (BPE); the Nigerian National Petroleum Corporation (NNPC); the Nigerian Ports Authority (NPA); and, the Nigerian Deposit Insurance Corporation (NDIC).
Na’allah, speaking at plenary, said the non-compliance was an economic sabotage aimed at frustrating the current administration as he cited section 21 (1) (2) and (3) of the fiscal responsibility Act to back his claim.
“Non-compliance of the provisions of the fiscal responsibility Act constitutes abuse of power and economic sabotage aimed at frustrating the current economic measures been taken by the present administration to address the economic recession,” he said.
“The absence of penalties in the provisions of the fiscal responsibility Act may have emboldened and encouraged the perpetration of this act.
“The fiscal responsibility is failing in its responsibility through complacency in the execution of its mandate.”
The motion was adopted after it was put to a voice vote by Senate President Bukola Saraki.
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