The Tenth National Assembly and the Challenges Ahead PremiumTimesng: Nigeria
regime, used to pay salaries and defray overheads in flagrant breach of the Fiscal Responsibility Act 2007. The Act, in Section 41, stipulates that borrowing shall only be for capital expenditure and human capital development, just as Section 44 emphasises that the government must specify the purpose for borrowing and a cost-benefit-analysis should be attached to the request.
With constant fiscal deficits in the budgets and the absurdity of using 96.3% of revenue on debt-servicing in 2022, according to the World Bank, the 10th legislature should stop further loan approvals and help the government to look inwards. There are leakages to be blocked via legislation, while painstaking oversight is critical, and the recovery of public funds in private and corporate portfolios must be pursued.
It is a cheerless valediction for Buhari and the Ninth Assembly for not implementing the Stephen Oronsanye report on restructuring of 541 federal agencies for service delivery. To be abolished are 38 of these agencies, while 52 were for merger with others, and 14 of them were to be reverted to departments in ministries.
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