President Buhari assents to Federal Capital Territory Appropriation Act 2016
A statement from the office of the SSA said that the legal implementation of the Budget, therefore comes into effect, which will result in employment in the formal sectors, and informal sectors through projects implementation and employment that would be created.
The statement also threw light on the issue of the budgets of statutory corporations and agencies, saying that the Fiscal Responsibility Act, 2007 requires that the Budget of the under listed Agencies, among others, be laid before the National Assembly by Mr. President, in addition to, and independent of the annual Appropriation Act.
1. Nigerian National Petroleum Corporation
2. Nigeria Deposit Insurance Corporation
3. Bureau of Public Enterprises
4. Nigerian Agency for Science and Engineering Infrastructure
5. Nigerian Social Insurance Trust Fund
6. Corporate Affairs Commission
7. Nigerian Airspace Management Agency
8. Nigerian Shippers Council
9. National Maritime Authority
10. Raw Material Research and Development Council
11. Nigerian Civil Aviation Authority
12. National Sugar Development Council
13. Nigerian Postal Service
14. Nigerian Ports Authority
15. Federal Airport Authority of Nigeria
16. Nigerian Mining Corporation
17. Nigeria Re-insurance
18. Nigerdock Nigeria Plc
19. Securities and Exchange Commission
20. National Insurance Corporation of Nigeria
21. Nigeria Re-insurance Corporation
22. Nigerian Telecommunication
23. National Automotive Council
24. Nigerian Tourism Development Corporation
25. National Communication Commission
26. National Agency for Food and Drug Administration & Control
27. Nigerian Customs Service
28. Federal Inland Revenue Service
29. Central Bank of Nigeria
The rationale for this, the statement further said, include:
a. It is a requirement of the law that the National Assembly as a Legislative body should consider and pass the Budget of each of them.
b. It is what is spent in the National Budget together with the totality of the expenditure of the collective of the Government Corporations that amount to the total Annual Expenditure of the Country.
c. The vacancies created by retirement in each of these Parastatals and the new employable vacancies are determined by the budgetary requirement of the Agencies as will be approved by the National Assembly. Therefore the other rationale for this is to create, regulate and open up employment in the different Parastatals.
d. It is also to stimulate the economy, in that there are so many capital projects in the parastatals which when approved by the National Assembly, the parastatals will award thus releasing money and stimulate spends into the economy.
e. It will also ensure accountability by the Corporations because they will only raise and spend as approved by the National Assembly and will increase activism of the National Assembly in her oversight Responsibility because they will be overseeing implementation as approved, and know surplus Revenue to capture for subsequent years’ Appropriations.
f. It will increase Non – Oil Revenue internally generated. The Agencies are under the Law to keep 20% of their operational surplus and remit 80% to the Federal Government.
g. This process of Appropriation will ensure that no revenue is hidden because of the eagle eye of the approving National Assembly.
Reacting to suggestions that some of these Budgets were already approved for the statutory corporations and agencies by the committees of the Legislatures, the statement said that approvals are not allowed by the Constitution citing Section 62(4) of the Constitution which states:
“ Nothing in this section shall be construed as authorising such House to delegate to a committee the power to decide whether a bill shall be passed into law or to determine any matter which it is empowered to determine by resolution under the provisions of this Constitution, but the committee may be authorised to make recommendations to the House on any such matter.“
