President Muhammadu Buhari sent the budgets of some agencies and corporations to the National Assembly for approval. This is in accordance with the Fiscal Responsibility Act, 2007
The President in a letter to Hon. Yakubu Dogara, the Speaker of the House of Representatives, stated he was submitting the budgets of 38 agencies and corporations in line with extant laws.
In the letter the President said “Further to the provisions of the Fiscal Responsibility Act, 2007 which provides that the budgets of the Agencies listed in the Act be collated and forwarded to the National Assembly for consideration, I forward herewith the 2016 budget proposals of the underlisted Agencies for your consideration and passage. “
He also said the “ budget of the agencies and corporations which have been privatised or otherwise ceased to exist are not included herein.”
The budgets submitted are those of the Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), National Agency for Food and Drug Administration and Control (NAFDAC), Securities and Exchange Commission (SEC) and Nigerian National Petroleum Corporation (NNPC).
Others include Federal Mortgage Bank of Nigeria (FMBN), National Maritime Authority (NMA), Federal Airport Authority of Nigeria (FAAN), Nigerian Communications Commission (NCC), Bureau of Public Enterprises (BPE), Nigerian Deposit Insurance Corporation (NDIC), Nigerian Immigration Service (NIS), Federal Housing Authority (FHA), and Corporate Affairs Commission (CAC), and others.
This is the first time the budget of some of these agencies is sent for passage and has been a source of friction between the National Assembly and the Executive over the years.
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