Skip to main content

N’Assembly, Presidency Reach Compromise on Budget Details


After weeks of wrangling over the 2016 Appropriation Bill, the National Assembly and the presidency finally reached a compromise on the finer details of the budget, which will be submitted this morning to President Muhammadu Buhari so that he can give his assent to the bill today or tomorrow.

Confirming the détente, sources in the legislature and presidency said the reconciliation committee set up last week by the executive and the leadership of the National Assembly to resolve the “grey areas” in the budget submitted its report in the wee hours of wednesday morning to the presidency, but work continued at a frantic pace up till last night after some observations were made by the presidency on the details, in order to clean up the bill preparatory to its submission to the president wednesday.

After trading blame for weeks, the leadership of the National Assembly and the presidency met last week and resolved to end the budget impasse by constituting a reconciliation committee comprising members of the executive and the presidency.

According to a source in the legislature, the compromise reached was to retain the main underlining figures and parameters of the budget, but the executive gave some room to the National Assembly to alter, where necessary, up to 20-30 per cent of the budgets of federal ministries, departments and agencies (MDAs).

He said: “This was agreed in recognition of the independence of the legislature with respect to appropriation, and so that it does not end up being a rubber stamp for the executive.”

Based on this principle, the source added, the joint committee of the National Assembly and the executive reviewed the subheads of the MDAs to ensure that where budget cuts or additions exceeded the 20-30 per cent threshold, they were amended in line with the agreement reached on the budget

The source said: “Having reached this compromise, all the grey areas have been resolved,” adding that with the submission of the details of the budget and the two follow up meetings, work was expected to be finalised on the budget details last night.

“Upon the completion of work, the budget details will be signed tomorrow (Wednesday) morning by the Chairmen of the Appropriation Committees in both chambers of the National Assembly, following which the document will be sent to Mr. President.

He added that with the grey areas resolved and the last minute work to tidy up the budget last night, Buhari would most likely assent to the Appropriation Bill by wednesday or thursday.

A presidency source also stated that the budget crisis was already over because the National Assembly eventually changed its initial stance not to review the budget, but subsequently succumbed to the wishes and demands of Buhari.

He disclosed that the preview of the revised budget details was submitted to the presidency at the weekend. His disclosure was confirmed by another top presidency source.

The presidency source disclosed that members of the reconciliation committee from the executive met with their National Assembly counterparts at 3 pm yesterday in Abuja and were still meeting as of press time, to harmonise their differences with a view to ensuring that the document was one clean copy devoid of major variables.

According to him, the final copy was expected to be sent to the presidency without delay “once all the ‘Is’ had been dotted and the “Ts’ crossed”.

He said: “We received the preview of the budget details. We are meeting with them about 3 pm to 4 pm, because it was to be consensual work. The ministers will look at what they have done so that it will be agreed to fully that this is what will be presented. We have received the preview copy, not the final copy that will be forwarded to the president.”

He affirmed the remark by Vice-President Yemi Osinbajo at the weekend in Ibadan, the Oyo State capital, that Buhari would assent to the budget this week.

“The assurance to Nigerians will be kept because the vi

Comments

Post a Comment

Popular posts from this blog

Understanding Prof. Yemi Osinbajo - Abraham Ogbodo

Abraham Ogbodo I am trying to understand Prof. Yemi Osinbajo, the Vice President of the Federal Republic of Nigeria. Often, he speaks out of character. That is, he talks as if he is Vice President before he is a professor of law, even when I know that the latter comes first. The man wasn’t like this when he was the attorney general of Lagos State and a teacher at the Law Faculty of the University of Lagos. Then, his statements were measured and as a seasoned lawyer, based on facts. But today, Osinbajo is sounding like Adams Oshiomhole, a union leader, who by the grace of God, became governor of Edo State for eight years. The revelations about big thefts in the economy had come more from Adams than even Ibrahim Magu, chairman of the EFCC. It was Adams who said former petroleum minister; Mrs. Diezani Allison-Madueke alone stole 13 billion British pounds from the national treasury. That is like saying she stole in raw cash almost twice as much as the entire fortune of Alhaj...
1 comment
Read more

Boko Haram’s campaign against education and enlightenment - By Landry Signe

Nelson Mandela once said, “Education is the most powerful weapon which you can use to change the world.” Boko Haram, the Islamist terrorist group originating from Nigeria is frightened by this enlightening power of education. Unsurprisingly, on Monday, February 19, the group, whose name often translates to “Western education is a sin,” stormed a girls’ school in the village of Dapchi in northern Nigeria to abduct students. Of the 907 schoolgirls who were in the school the day of the attack, more than 100 are still missing as of Sunday. Since it became violent about a decade ago, Boko Haram’s actions, through these and other types of bloody attacks, have resulted in horrifying consequences. Human Rights Watch estimates that Boko Haram has left at least 7 million in need of humanitarian assistance, 2.1 million displaced, and 20,000 civilians dead. Local leaders claim the number is significantly higher. Despite such causalities, it took Boko Haram’s massive kidnapping of 276 sch...
Post a Comment
Read more

Much ado about the foreign reserves - Nonso Obikili

I have received a lot of questions about the Central Bank of Nigeria’s (CBN) foreign reserves recently. The CBN has of course been touting the reserves growing from a low of about $24bn to the approximately $42bn it is now. The questions typically centre around why we are keeping so much in reserve when the economy is struggling, and we have poor infrastructure? Why don’t we use the reserves to reduce the poverty that is rampant? The question typically betrays a little bit of misunderstanding over what the foreign reserves are and how the entire thing works. Hopefully, after reading this we will have a better understanding of what it is and what it can and can’t be used for. First, what is the “Foreign Reserves?” It is the amount of foreign exchange that the central bank has at its disposal at any point in time. Some of this is in cash and some in other liquid assets, that is assets that can quickly be turned to cash. Some of this is in US dollars but sometimes it’s in other c...
Post a Comment
Read more