​Just In:  Senate Bans  FG agencies from spending, gives Osinbajo 2 weeks to submit budgets

Just In:  Senate Bans  FG agencies from spending, gives Osinbajo 2 weeks to submit budgets
-The Nigerian Senate has given agencies and parastatals that have not submitted their budget proposals two weeks ultimatum –
-The ultimatum was issued at the plenary on Wednesday May 17

-The lawmakers also barred the affected agencies from capital expenditure until their budgets had been passed by the legislature .

The Nigerian Senate has asked federal government to present the budgets of corporations, agencies and parastatals to the legislature within two weeks.

The Nigerian lawmakers issued the ultimatum at the plenary on Wednesday May 17.

The Senate, following a motion by the Deputy Leader, Bala Na’Allah also resolved that the concerned agencies should stop further spending pending compliance.

Consequently, the Senate barred the affected corporations and parastatals from capital expenditure until their budgets had been passed by the legislature.

The ultimatum was issued at the plenary on Wednesday May 17

The lawmakers decried non-compliance with Section 21 of the Fiscal Responsibility Act by government agencies. The Senate also issued a two-week ultimatum to acting President Yemi Osinbajo to ensure submission of the budgets of 31 public establishments, including the Nigerian National Petroleum Corporation and the Nigerian Ports Authority, to the National Assembly in line with the provisions of the Nigerian Constitution and the Fiscal Responsibility Act. Many Senators, including Deputy Senate President Ike Ekweremadu; Solomon Adeola, APC-Lagos; George Sekibo, PDP-Rivers; James Manager, PDP-Delta; Barnabas Gemade, APC-Benue, took swipe on the agencies for disregarding the law and spending “trillions”, in sum, without appropriation.

These agencies, which include the Nigerian National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN) and Bureau of Public Enterprises (BPE), have continued to make huge extra-budgetary expenditure in breach of the Fiscal Responsibility (FRA) Act 2007. 

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