Posted by By JAMES OJO and BLESSING ONWUZO, Abuja on
Hence forth, the National Assembly would insist that the fiscal year runs from January 1st to December 31st and that all monies not spent within the period must be lodged back into the national treasury. The returned monies would now be captured in the new budget as revenue and taking out as expenditure.
Hence forth, the National Assembly would insist that the fiscal year runs from January 1st to December 31st and that all monies not spent within the period must be lodged back into the national treasury. The returned monies would now be captured in the new budget as revenue and taking out as expenditure.
Chairman of the House of Representatives committee on Finance, Hon John Eno said that the step would enable them monitor and conduct thorough oversight functions on the performance of the budget.
'We feel that the budget is the most significant instrument at the disposal of the National Assembly which has the power of appropriation," he said.
Eno also confirmed that the National Assembly cannot capture all the figures for now, but believed that the 2009 budget would adequately benefit from what the National Assembly was doing with the 2008 budget.
'Education levy has a particular sum, we found out that in that account, about N50billion in the 2008 budget. What is supposed to go for that education was N42billion, our treatment is that we would add the N50billion to the N42 billion. We would bring it in and take it out to ensure that we are accountable."
He also promised that the Finance committee would submit by the next week a clean report of the revenue profile for 2008 to help the National Assembly to pass the budget into law before the end of the month.
According to him, the most critical work on the budget had been completed, adding that when the budget was sent, the revenue framework was also sent along, stating that, ' what the National Assembly does was not just adapting to the figures, but using its finance committee to review the framework and make findings."
Eno said that all standing committees have been told to submit their submissions, stating what they had done with the MDAs, since their recommendations and increase would be based on what they have been able to find out.
He assured that the budget would be passed before the end of the month, adding that the chambers were comparing notes on daily basis.