• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, September 25, 2023
Leadership News
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sports
    • Betting
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • 2023 Elections
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sports
    • Betting
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • 2023 Elections
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership News
No Result
View All Result
ADVERTISEMENT

Reps Propose 3 Years Imprisonment For Fiscal Responsibility Act Violators

by Adebiyi Adedapo
8 months ago
in News
Reading Time: 3 mins read
Reps
Share on WhatsAppShare on FacebookShare on TwitterTelegram

House of Representatives yesterday proposed N500 million fine or three years imprisonment or both on any public officer who commits an impeachable offence in breach of the provisions of the Fiscal Responsibility Act, 2004.

The bill sponsored by Hon Sergius Ogun seeks to amend Section 41 of the Fiscal Responsibility Act (Amendment) Bill, 2004.

According to him, this proposed bill, when passed into law, would address the lacuna in the Act, obviate impunity and serve as a mechanism for making government officials accountable.

While speaking on the general principles of the bill, Hon Ogun explained that the proposed amendment to the Fiscal Responsibility Principal Act seeks to make provision for specific sanctions within the Act, for failure to comply with the provisions of the Act.

“Mr Speaker and honourable colleagues, the Fiscal Responsibility Act 2007 is a very important legal financial management framework.

“However, there are no specific sanctions or penalties within the Act for the offence created in subsection 3 of section 41 of the Principal Act.

RELATED

BudgIT

Budget Tracking: Budgit Partners CNG To Train National, State Executives

26 mins ago
Galaxy Backbone Ensuring Data Security To Strengthen Digital Economy

Galaxy Backbone Ensuring Data Security To Strengthen Digital Economy

1 hour ago
ICAN Report: APC Chieftain Tackles Wike Over Alleged Financial Mismanagement

North East Elders Pledge Support For Wike To Restore Abuja Masterplan

2 hours ago
‘Judges Not Responsible For Delay In Justice Dispensation’

‘Judges Not Responsible For Delay In Justice Dispensation’

3 hours ago

“The Act provides for prudent management of the nation’s resources, ensures long-term macro-economic stability of the national economy, secures greater accountability and transparency in fiscal operations within the medium-term fiscal policy framework and promotes fiscal discipline.

“Despite the provision of the Principal Act, Nigeria’s recent Public Expenditure Financial Accountability Report (PEFA Report, 2019), points to the inherent weakness in public financial management.

“Some of the issues raised in the Report include low budget credibility, insufficient disclosure of public finances, and lack of autonomy of Auditor General, amongst others.

“Whereas section 41 of the Act provides the framework for debt management during every financial year and goes further to provide that non-compliance with the provisions of the Section shall make any action taken to be an offence, the Act fails to specifically make provision for the sanctions of the said offence,” he noted.

In the bid to address the lacuna, Ogun proposed an amendment to Section 41(1) which states that: “The framework for debt management during the financial year shall be based on the following rules: (a) Government at all Tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with a low-interest rate and with a reasonably long amortization period subject to the approval of the appropriate legislative body where necessary; and (b) Government shall ensure that the level of public debt as a proportion of national income is held at a sustainable level as prescribed by the National Assembly from time to time on the advice of the minister.

“(2) Notwithstanding the provisions of subsection (1) of this section and subject to the approval of the National Assembly, the Federal Government may borrow from the capital market.

“(3) Non-compliance with the provisions of this section shall make the action taken an offence.”

He also proposed an amendment to Section 41(3) of the Principal Act, which provides that: “Non-compliance with the provisions of this section shall make the action taken an impeachable offence and the offender shall be liable on conviction to a fine of N500,000,000 or imprisonment for a term of three years or to both such fine and imprisonment”.

After the debate, the speaker, Hon Femi Gbajabiamila who presided over the session referred the bill to the House Committee on Finance for further legislative action.

 

 

Tags: Fiscal Responsibility Act
SendShareTweetShare
HOW CHINESE DOCTOR RECOMMEND THIS MAGIC DRUGS THAT HELP WOMEN PREVENT AND TREAT BREAST CANCER AND ALSO HELP MEN PREVENT AND CURE PROSTATE ISSUE PERMANENTLY
ADVERTISEMENT
Previous Post

Centre Advocate For Regional Collaboration To Tackle Insecurity 

Next Post

Buhari Has Performed Better Than Obasanjo, Says BMO

YOU MAY LIKE

BudgIT
News

Budget Tracking: Budgit Partners CNG To Train National, State Executives

26 mins ago
Galaxy Backbone Ensuring Data Security To Strengthen Digital Economy
Feature

Galaxy Backbone Ensuring Data Security To Strengthen Digital Economy

1 hour ago
ICAN Report: APC Chieftain Tackles Wike Over Alleged Financial Mismanagement
News

North East Elders Pledge Support For Wike To Restore Abuja Masterplan

2 hours ago
‘Judges Not Responsible For Delay In Justice Dispensation’
News

‘Judges Not Responsible For Delay In Justice Dispensation’

3 hours ago
Next Post
Buhari Has Performed Better Than Obasanjo, Says BMO

Buhari Has Performed Better Than Obasanjo, Says BMO

TRENDING

  • Mohbad: My Mother Against Me Returning To Nigeria Now — Bella Shmurda

    Mohbad: My Mother Against Me Returning To Nigeria Now — Bella Shmurda

    0 shares
    Share 0 Tweet 0
  • Meet 13 Popular Korean Actors, Actresses That Speak English Fluently

    0 shares
    Share 0 Tweet 0
  • JJC Skillz Teases New Project With Ex-wife, Funke Akindele

    0 shares
    Share 0 Tweet 0
  • UK Releases New Entry Requirement

    0 shares
    Share 0 Tweet 0
  • Meet 8 Artistes Signed By Marlian Records

    0 shares
    Share 0 Tweet 0

RECENT UPDATE

BudgIT
News

Budget Tracking: Budgit Partners CNG To Train National, State Executives

by Hosea Yusuf
26 mins ago

Read more
Galaxy Backbone Ensuring Data Security To Strengthen Digital Economy
Feature

Galaxy Backbone Ensuring Data Security To Strengthen Digital Economy

by James Kwen
1 hour ago

Read more
ICAN Report: APC Chieftain Tackles Wike Over Alleged Financial Mismanagement
News

North East Elders Pledge Support For Wike To Restore Abuja Masterplan

by Leadership News.
2 hours ago

Read more

© 2023 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sports
    • Betting
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • 2023 Elections
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2023 Leadership Media Group - All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In