President Muhammadu Buhari on Tuesday forwarded the 2016 budget proposal of 38 Federal Government agencies to the National Assembly for consideration and passage into law. The President said the action was informed by the provisions of the Fiscal Responsibility Act, 2007, which provides that the budgets of the agencies should be collated and forwarded to the National Assembly for consideration and approval.
Senate President, Bukola Saraki, read the Presidential letter forwarding the agencies’ budget proposal to Senators on Tuesday. Most of the listed agencies had been flouting the provisions of the Fiscal Responsibility Act in the yearly operations. The list contained mostly revenue generating agencies including the Nigeria National Petroleum Corporation (NNPC), Central Bank of Nigeria (CBN), Nigeria Customs Service and Nigeria Port Authority (NPA).
President Buhari asked the Lawmakers to note that in line with the provisions of the Act, Budget of the agencies and corporations which have been privatised or otherwise seized to exist were not included in the list.
