06 November 2016, Abuja — The Senate is seeking to provide legal backing to the Excess Crude Account (ECA) to enable the country save revenue windfalls and stabilise government expenditure during the financial crisis.
This is part of the recommendations by a technical committee set up by Senate President, Bukola Saraki in July to examine the budget reform process in Nigeria.
The panel, chaired by Senate Leader Ali Ndume (APC, Borno), while presenting its report yesterday, also recommended an amendment to the Fiscal Responsibility Act (FRA) to mandate all government agencies to deposit at least 25 percent of their revenue into the federation’s account instead of the 80 percent of their operating surplus.
The panel further sought an amendment to the constitution that will compel the president to present the budget to the National Assembly by the first week of September, considered and passed by the legislature by November 30 and signed by the president by the second week of December.
*Ismail Mudashir – Daily Trust