The Presidency yesterday said the awaited passage of the 2016 budgets of 38 statutory corporations and agencies of government currently before the National Assembly for consideration will boost the nation’s economy when approved and implemented.
The Senior Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, made the disclosure yesterday in Abuja, saying that the submission of the budget estimates of the concerned establishments to the National Assembly was in compliance with an extant law.
Enang also hinted that President Muhammadu Buhari has assented to the 2016 Appropriation Act of the Federal Capital Territory (FCT) as passed by the National Assembly earlier in July this year.
“The legal implementation of the Budget (N241 billion), therefore, comes into effect, which will result in employment in the formal sectors and informal sectors through projects implementation and employment,” he said.
Budgets of corporations and agencies like the Nigerian National Petroleum Corporation (NNPC); Nigeria Deposit Insurance Corporation (NDIC); Bureau of Public Enterprises (BPE); Nigerian Agency for Science and Engineering Infrastructure; Nigerian Social Insurance Trust Fund; Corporate Affairs Commission; Nigerian Airspace Management Agency (NAMA), Central Bank of Nigeria (CBN), among others were forwarded to both chambers of the National Assembly by Buhari shortly after the passage of the 2016 Budget in March.
“The Fiscal Responsibility Act, 2007 requires that the Budget of the agencies among others be laid before the Assembly by Mr. President, in addition to, and independent of the annual Appropriation Act.
“That means that none of the agencies or corporations can implement any of its capital projects or programmes which are required to be approved by the National Assembly unless and until it has been approved by the National Assembly.
“Therefore the essence of laying the budget for consideration of the legislature is first in fulfilment of the provisions of the Fiscal Responsibility Act