Breaking: Senate passes 2016 budget
Wed Mar 23, 2016 01:45:pm National
2.4K By sosa hills
The senate finally passed the 2016 budget today into law after weeks of delay.
While presenting the report on the budget, Goje, said that the budget was "full of controversy", but that the senate would not want to delay its passage by adding more controversies to it. but that the senate would not want to delay its passage by adding more controversies to it.
He said that there were lapses in the budget, but that the committee had to work around them. He said that the delay in the passage of the budget had already been given a political hue, hence Nigerians would blame the legislature for any further delay.
In December, the budget proposal presented to a joint session of the national assembly by President Muhammadu Buhari was N6.08trn. A total of N351bn was for statutory transfers, N2.8trn for recurrent expenditure and N1. 8trn for capital expenditure.
"That the Senate do consider the Report of the Committee on Appropriations on the 2016 Bill," Goje urged.
The senate, based on the recommendation of the committee, adopted $38 per barrel crude oil benchmark for the budget, as proposed by the federal government. It also adopted a foreign exchange rate of N197 per dollar as proposed by the government.
The senate, however, reduced the total budget sum from N6.07trn to N6.06trn: N351bn for statutory transfers, N1.4trn for debt service, N2.6trn for recurrent expenditure, and N1.5trn as capital expenditure.
Also, the upper legislative chamber observed that the budget was not presented in time to the national assembly, which effected its passage.
It urged the federal government to submit the budget subsequently in strict compliance with the Fiscal Policy Act, and advised that there should be proper consultation between the budget office and the ministries, departments and agencies.
The senate also asked the government to diversify its revenue base, and to shore up capital expenditure and reduce recurrent expenditure.
Senate President, Bukola Saraki, read through the schedule, short and long title while insisting that section 318of the 1999 Constitution of the federal Republic as amended be complied with.
"Distinguished Senators, government must comply with Section 318 of the 1999 Constitution which means the budget runs for 12 Calender months from March and ends in March the preceding year," Saraki said.
He commended the Committee for a good job done on the budget in view of errors in it, while urging the full implementation by Executive so that it will support made in Nigeria goods.
While presenting the report on the budget, Goje, said that the budget was "full of controversy", but that the senate would not want to delay its passage by adding more controversies to it. but that the senate would not want to delay its passage by adding more controversies to it.
He said that there were lapses in the budget, but that the committee had to work around them. He said that the delay in the passage of the budget had already been given a political hue, hence Nigerians would blame the legislature for any further delay.
In December, the budget proposal presented to a joint session of the national assembly by President Muhammadu Buhari was N6.08trn. A total of N351bn was for statutory transfers, N2.8trn for recurrent expenditure and N1. 8trn for capital expenditure.
"That the Senate do consider the Report of the Committee on Appropriations on the 2016 Bill," Goje urged.
The senate, based on the recommendation of the committee, adopted $38 per barrel crude oil benchmark for the budget, as proposed by the federal government. It also adopted a foreign exchange rate of N197 per dollar as proposed by the government.
The senate, however, reduced the total budget sum from N6.07trn to N6.06trn: N351bn for statutory transfers, N1.4trn for debt service, N2.6trn for recurrent expenditure, and N1.5trn as capital expenditure.
Also, the upper legislative chamber observed that the budget was not presented in time to the national assembly, which effected its passage.
It urged the federal government to submit the budget subsequently in strict compliance with the Fiscal Policy Act, and advised that there should be proper consultation between the budget office and the ministries, departments and agencies.
The senate also asked the government to diversify its revenue base, and to shore up capital expenditure and reduce recurrent expenditure.
Senate President, Bukola Saraki, read through the schedule, short and long title while insisting that section 318of the 1999 Constitution of the federal Republic as amended be complied with.
"Distinguished Senators, government must comply with Section 318 of the 1999 Constitution which means the budget runs for 12 Calender months from March and ends in March the preceding year," Saraki said.
He commended the Committee for a good job done on the budget in view of errors in it, while urging the full implementation by Executive so that it will support made in Nigeria goods.
Related News
Leave a comment...