Sixty federal agencies are to be excluded from receiving a federal allocation from the national budget. This exclusion is to be made by the Federal Ministry of Finance, Budget and National Planning and is to start next year.
Federal Inland Revenue Service, Nigeria Customs Service, Security and Exchange Commission, National Broadcasting Commission and Oil and Gas Free Trade Zone Commission are listed among the agencies to be excluded because the revenue they generate is more than enough to cover their expenses and would not be needing any allocation from the national budget.
As such, their exclusion would be included in the Joint Committee on Finance and National Planning’s proposal to be submitted to the Senate at plenary on resumption on September 15.
The Chairman of the joint committee, Senator Solomon Adeola, Chairman of the Joint Committee, stated that the Fiscal Responsibility Act would stop amended so as to curb excessive spending of generated revenues.
