Buhari presents 2016 budgets of 38 federal agencies to Senate for approval

President Muhammadu Buhari has sent the 2016 budget proposals of 38 federal agencies and corporations to the Senate for approval.

This is line with the Fiscal Responsibility Act 2007, which provides that the budget of agencies listed in the Act be collated and forwarded to the National Assembly for consideration.

This was contained in a letter read on the floor of the upper legislative chamber by Senate President Bukola Saraki who presided over the Senate session on Tuesday.

The agencies include the Nigerian National Petroleum Corporation (NNPC), Nigerian Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), Nigeria Customs Service (NCS), Nigeria Immigration Service (NIS), Federal Inland Revenue Service (FIRS), Nigerian Civil Aviation Authority (NCAA), Bureau of Public Enterprises (BPE) and Nigerian Airspace Management Agency (NAMA).

Others are: Nigerian Ports Authority (NPA), Federal Airport Authority of Nigeria (FAAN), Securities and Exchange Commission (SEC), Federal Mortgage Board, National Agencies for Science and Engineering Infrastructure, Nigerian Shippers Council, National Maritime Authority, Raw Materials Research and Development Council, National Sugar Development Council,  Nigerian Postal Service, Nigerian Tourism Development Corporation, National Communications Commission, National Agency for Food and Drug, Administration and Control, National Broadcasting Commission, National Insurance Commission, News Agency of Nigeria, Nigeria Copyrights Commission.

Also on the list are the Nigeria Electricity Regulatory Commission, Radio Nigeria, Federal Housing Authority, Nigeria Television Authority, National Automotive Design and Development Council, Nigeria Nuclear Regulatory Authority, National Business and Technical Examination Board, National Environmental Standards and Regulations Enforcement Agency, Industrial Training Fund (ITF), Corporate Affairs Commission (CAC), Standards Organisation of Nigeria (SON) and Oil and Gas Free zone Authority.

While noting that budgets of agencies and corporations, which had been privatised or ceased to exist were not included in the list, the President called for expeditious passage of the proposals to enable them effectively  execute their mandate.

In line with Senate Rule, the proposals will be scheduled in the Order Paper by the Majority Leader (whose duty is to manage the legislative schedule of the Senate) at a later day for Debate on General Principle, after which it will be referred to the relevant committees.

As of the time of filing this report, Finance Minister, Kemi Adeosun and Governor, Central Bank of Nigeria (CBN), Godwin Emefiele are briefing the Senate in a closed door session on the monetary/fiscal policies adopted to salvage the current economic situation in the country.