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BUDGET: Saraki warns executive on implementation



President of the Senate, Bukola Saraki, on Wednesday, stated that the 2018 budget must run for 12 months, in-line with the 2017 Appropriation Act passed by the National Assembly.

He also stated that rounding up the budget before its legally stipulated date was not acceptable, as it had to be included in an appropriation act which needed to be compiled and sent to the National Assembly.

Speaking after a Point of Order raised by Senator Atai Aidoko, who made mention of a circular that was released to MDA’s on the rounding up of the 2017 budget by 31st March 2018.

In his comments, the Senate President said: “The budget runs for 12 months and it goes through May. Chairman of Appropriations is not here. Chairmen of Finance, both of you are here, hence, you will need to communicate to the Minister of Finance and all agencies that the budget was passed to run 12 months, and it must run for 12 months.”

Saraki, also read an Executive Communication from President Muhammadu Buhari on the need to establish a promissory note program and a bond issuance to settle Nigeria’s local debts and contractual obligations.

President Buhari, in his letter addressed to the Senate President, stated that the establishment of the promissory note and bond issuance program had become imperative to clear certain obligations of the federal government that include unpaid obligations to pensioners, salaries and promotional arrears to civil servants; obligations for petroleum marketers; contractors and suppliers debts; unpaid power bills and obligations from tariffs requested from 2014; export expansion grants scheme debts; and judgement debts.

“As you may be aware, Section 41(1)(A) and 44(2)(B) of the Fiscal Responsibility Act (FRA) stipulates that the proceeds of borrowing by the government at all tiers shall be applied solely towards capital expenditure,” President Buhari wrote, “To provide legal backing to clear the recurrent expenditure components of the obligations, a request for the amendment of the FRA was sent to the National Assembly via a letter to the Presidency on 4th August 2017”, he stated.

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