The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says the national assembly has no power to dictate how excess revenue is to be spent.
Shettima Abba-Gana, acting chairman of the commission, said this in an interview with NAN.
He said based on the 1999 constitution, the proposed bill to create an account for capturing excess revenue was non-existent in law.
“The constitution is very clear and it is good for them to study it to know what can be done within the current structure before they go and pass a law that negates or violates it,” he said.
Advertisement
“The constitution is very clear on how the money should come, who owns it and how it should be spent, so the national assembly cannot dictate the management of these funds when it cannot decide for states and local governments.”
The house of representatives recently moved to legalise the excess crude account (ECA) by proposing a bill to capture all excess revenue in an account to be called excess revenue fund account (ERFA).
The bill, which has passed second reading, was proposed by a house member, Lovette Idisi.
Advertisement
It proposes that no money would be withdrawn from the account except it is approved by the national assembly.
Add a comment
