The Nigerian Senate has threatened to cut funds from Federal Government Ministries, Departments, and Agencies (MDAs) for refusing to submit their 2018 budget breakdown.
The Senate president, Bukola Saraki, issued this threat on Wednesday, February 14, when he was discussing the issue of budget breakdown.
Senator Ahmad Lawan cited order 43 and says the details of the budget must be submitted to the Senate for comparison of the new budget and till date only one agency has submitted so far.
Speaking on the failure to submit the breakdown, Bukola Saraki said: “This has been a matter that we have been talking about for a very long time - yet, these agencies continue to proceed with a total disregard for due process. I really find it difficult that some of these agencies are just doing things in the wrong way.”
Going further, he said: "I think we should be very clear in the mandate that we give to them. It is not that we do not know what to do. Some of our actions should not be misconstrued as weakness - because we can mandate the Ministry of Finance to ensure that they do not have future releases because they are deviating from the law.
"So, we will give them one week, and if after that one week, they do not comply, we will take these actions to ensure that they comply with the law."
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Meanwhile, Legit.ng had reported that the Senate on Tuesday, February 13, ordered its committee on banking, insurance and other financial institutions to probe the scarcity of lower currency denominations in the country.
The lower denominations in insufficient supply are N5, N10, N20, N50, N100 and N200. The red chamber said the scarce denominations are critical to the economic growth of the country, especially as it recently recovered from recession.
The resolve came after a motion was spearheaded by Senator Peter Nwaobosi, who said most commercial banks explained no longer circulate the lower denominations because the Central Bank of Nigeria (CBN) has stopped supplying them.
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