The House of Representatives Ad-Hoc
Committee on the Non-Implementation of the
2015 Capital Budget has queried the executive
expenditure of N222.1bn on fuel subsidies from
January to July, 2015.


Chairman of the committee, Aliyu Pategi (APC
Kwara), expressed the committee’s position
during a public hearing in Abuja on Tuesday.
Pategi said the money was neither appropriated
nor approved by the National Assembly, noting
that such extra-budgetary expenditure had
become a source of concern to legislators.
“Appropriation is an Act, and we insist on its
implementation. We want to know where there
are challenges but to spend monies such as the
N222.1bn without recourse to the parliament is
not acceptable to us,” the lawmaker said.
The committee also queried a loan of N615.96bn
taken from the Ways and Means Account at the
Central Bank of Nigeria without recourse to the
National Assembly.
The committee chairman directed the Ministry of
Finance to provide details of these transactions
in a position paper which he said should be
submitted to the Clerk of the Committee within
two days.


On the issue of the Treasury Single Account,
Pategi said the National Assembly would
consider a review of the laws establishing some
revenue generating agencies, so they could
retain a portion of their revenue.
He cited an example of the Nigeria Customs
Service which retains seven per cent of its
revenue and remits 93 per cent to the Federation
Account.


“For instance, last year the Nigeria Ports
Authority collected N161 bn, they spent all of it
and remitted only N1bn. These agencies belong
to the people; you cannot spend these monies
without recourse to parliament,” he said.
Earlier, the Permanent Secretary in the Ministry
of Finance, Mrs. Anastasia Daniel-Nwaobia, had
told the committee members that the Federal
Government spent N222.1bn on fuel subsidy
between January and July, 2015.
She said that the money was neither
appropriated in the 2015 Appropriation Act nor
was approved by the National Assembly.
Daniel-Nwaobia, who was represented by the
Director-General, Budget Office of the
Federation, Mr. Aliyu Gusau, said he did not have
sufficient information on the expenditures.
Commenting on the loan secured from the CBN,
Gusau said, “This is an item under contingency
funds, but it allows room to take loans and
things like that, but I am not too conversant with
the details.


“In January 2015, J.P Morgan placed Nigeria on
an index watch as a result of their concerns in
the operations of our foreign exchange market,
namely liquidity for transactions, plus the
fluctuations exchange rate and lack of a fully
functional two-way forex market.
“However, the finance ministry, the Central Bank
of Nigeria and the Debt Management Office will
continue to ensure a stable forex market.
“We have assured J.P Morgan and other
investors that the markets for FGN bonds remain
strong and active due primarily to the strength
and diversity of the domestic investor base.”
He explained further that the recent S&P rating
scored Nigeria B+ due to transparency in doing
business, and that the Fitch rating was being
awaited.


In his presentation, the Deputy Governor, CBN,
Mr. Sulaiman Barawu, explained that the Ways
and Means Account was approved by law as
contingency for the Federal Government to
borrow from to fund its deficit up to five per cent
of the preceding year’s revenue.
“What JP Morgan wanted us to do is to allow
uncontrolled devaluation of the currency. We
think that is harmful to the economy,” he said.
The director also said that the CBN believed the
Naira was appropriately priced at N197 to one
United States Dollar.



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