Senate gives Osinbajo two-week ultimatum to submit budget of agencies

The senate has given Acting President Yemi Osinbajo a two-week ultimatum to ensure that the budgets of 34 revenue generating agencies are submitted to the national assembly.

Some of these agencies are Federal Airports Authority of Nigeria (FAAN), Securities and Exchange Commission (SEC), Bureau of Public Enterprises (BPE), the Nigerian National Petroleum Corporation (NNPC), the Nigerian Ports Authority (NPA) and Nigerian Deposit Insurance Corporation (NDIC).

The upper legislative chamber also told the agencies to halt expenditure until the budgets were submitted.

The resolution was sequel to a motion sponsored by Bala Na’allah, deputy senate leader.

Citing section 21 (1) (2) and (3) of the fiscal responsibility Act, Na’allah said the non-compliance was an economic sabotage aimed at frustrating the current administration.

“Non-compliance of the provisions of the fiscal responsibility Act constitutes abuse of power and economic sabotage aimed at frustrating the current economic measures been taken by the present administration to address the economic recession,” he said.

“The absence of penalties in the provisions of the fiscal responsibility Act may have emboldened and encouraged the perpetration of this act.

“The fiscal responsibility is failing in its responsibility through complacency in the execution of its mandate.”

Contributing to the debate, Thompson Sekibo, senator representing Rivers east, said the senate should take strict measures to ensure that these agencies submit their budgets at a particular time.

The motion was adopted after it was put to a voice vote by Senate President Bukola Saraki.