The House of Representatives on Wednesday chided the Presidency over a breach of the Fiscal Responsibility Act of 2007 regarding the presentation of the Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP) to the National Assembly, four months before the end of every fiscal year.
The resolution was passed following the adoption of a motion on Urgent Public Importance, aimed at compelling the Executive to comply with Section 11(1b) of the Fiscal Responsibility Act, 2007, sponsored by Hon. Clement Jimbo.
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According to him, the “Fiscal Responsibility Act 2007 provides for the prudent management of the nation’s resources, ensures long-term macroeconomic stability of the national economy, secures greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework, and establishes the Fiscal Responsibility Commission to promote and enforce the nation’s economic objectives and related matters.”
“The House further notes that Section 11(1b) stipulates that the Federal Government must, not later than four months before the commencement of the next financial year, prepare and lay before the National Assembly an MTEF for the next three financial years.
“The House is concerned that Sections 88 and 89 of the 1999 Constitution, as well as Section 30(1) of the FRA 2007, specifically Section 88(1), stipulate that, subject to other provisions of the 1999 Constitution, each house of the National Assembly shall have the power, by passing resolutions, to direct, or cause to be directed, an investigation into any matter with respect to which it has the power to make laws, and into the conduct of affairs of any person, authority, ministry, or government department charged with the duty of executing or administering laws enacted by the National Assembly and managing or distributing monies appropriated by the National Assembly.
“The House is further worried that the time the National Assembly requires to exercise its functions, as enshrined in Section 88(2b), is being compromised by the Executive’s non-compliance with Section 11(1)(b) of the FRA 2007.”
To this end, the House urged the Executive to comply with Section 11(1)(b) and submit the 2025 Budget Proposal to the National Assembly without further delay.
Consequently, the House mandated the joint Committees on National Planning and Economic Development, Appropriation, and Finance to ensure compliance within two weeks.
