From Ndubuisi Orji, Abuja
House of Representatives has passed a N819 billion supplementary for the 2022 fiscal year, as well as extended the budget cycle for the capital component to December 31, 2023.
The 2022 supplementary appropriation bill was taken through first and secondary readings, considered at the Committee of Supply, and passed by the House, at an emergency plenary, yesterday.
The supplementary budget is intended to cater for the repair of infrastructure destroyed by flood in 2022 across the 36 states and the Federal Capital Territory (FCT). Besides, this is the second time the House will be extending the life span of the 2022 appropriation. The budget cycle had earlier been extended from March 31, 2022 to June 30, 2022.]
Also, the House passed a bill to amend the Central Bank of Nigeria (CBN) Act, 2007. The amendments seeks to increase the Ways and Means from five per cent to 15.
The CBN Act permits the government to borrow five per cent of the previous year’s revenue, from the apex bank, as an emergency fund, in the event of delayed government expected cash receipt.
Specifically, Section 38(2) and (3) of the CBN Act states, “that Ways and Means shall not exceed five per cent of the previous year’s revenue of the Federal Government.”
However, Sada Soli, member of the House Committee on Banking and Currency, before the commencement of the consideration of the amendment to the CBN Act, at the Committee of the Whole, had raised concerns over the proposed amendment.
He had requested that the Chairman, House Committee on Banking and Currency, Victor Nwokolo, should explain to Nigerians the rationale for the proposed amendment.
He said: “Mr. Chairman, does it mean the CBN somehow advances this advances to government at 15 per cent or is it a wake-up call at the twilight of this government, we are changing this from five per cent to 15 per cent? Can the chairman, Banking and Currency kindly make this explanation not only to the National Assembly but to Nigerians. Does it mean the CBN granted these advances at 15 per cent? Or what is going on? This is what we don’t know.
“Mr. chairman, I am a member of the Committee on Banking and Currency. I didn’t know when these discussions took place. And I can stand on privilege, Order 6 to call for an explanation as a member of this committee, on how we reached at this amendment.”
Nevertheless, the Deputy Speaker, Idris Wase, who presided over the Committee of the Whole, in his response, appealed to members to consider and pass the amendment, to ensure the right thing is done.
According to him, “Sada, the explanation I will attempt to give if I listened to you very carefully is this: the chairman has the right to commit after second reading any bill to Committee of the Whole after second reading. It is there in our standing order. It depends on the importance and the exigences of the moment.
“And in light of this, I want to beg our colleagues to consider this amendment and pass it, so that we have the right thing done.”
Similarly, the House, at yesterday’s plenary, passed a bill seeking to repeal the Produce (Enforcement of Export Standards) Act, 2004 and enact the Federal Produce Inspection Service (Enforcement of Export Standards) (Establishment) Bill, 2023.
The proposed legislation is aimed at providing a legal framework for the inspection and enforcement of Grades and Quality of Produce and Commodities intended for Export from the Ports of Shipment.
The House deferred the consideration of a bill seeking to repeal the Revenue Mobilisation, Allocation and Fiscal Commission Act, 2004 and enact the Revenue Mobilisation, Allocation and Fiscal Commission. The proposed legislation seeks to empower the commission to monitor accruals and disbursement of revenue from the Federation Account.
It also seeks to bring the extant Act in conformity with the provisions of the 1999 Constitution (as amended).