• Rejects CBN’s cash limit policy
By Musa Baba Adamu
Senate Wednesday threatened 100 federal government owned agencies with zero budget allocation in 2023 for not honouring invitations of its committee on Public Accounts for explanations on service wide vote expenditure from 2017 to 2021.
This is just as the lawmakers kicked against the cash withdrawal limit of N100,000 for individuals and N500,000 for corporations as being proposed by the Central Bank of Nigeria (CBN) to take off on January 9th, 2023.
Hammer of the Senate on the affected 100 agencies which included, the State House, Presidential Fleet, Ministry of Finance, Nigeria Army, Navy, Airforce, Police, the Independent National Electoral Commission (INEC) etc, was sequel to complaint lodged against them by the Chairman, Senate Committee on Public Accounts, Mathew Urhoghide (PDP Edo South).
Urhoghide had through orders 42 and 95 of the Senate Standing Rules, rose to complain on alleged recalcitrance of heads of the affected agencies to honour invitations sent to them by his committee for required appearance before it for explanations on service wide vote given to them by the Presidency totalling N1.9trillion.
Service Wide Vote according to him, is extra budgetary spending made to fill shortfalls in capital and recurrent expenditures , which are not audited by the Auditor General of the Federation and not known to various standing committees of the National Assembly.
Urhoghide who hinged his complaints on provisions of sections 62, 88 and 89 of the 1999 Constitution ( as amended) , said heads of the affected agencies failed to honour several invitations sent to them to make required explanations on service wide vote spendings from 2017 to 2021.
He said the affected agencies were also those who refused to appear before the committee to answer queries slammed on them by the Auditor General of the Federation on alleged financial infractions.
Angered by the submission, the President of the Senate, Ahmad Lawan requested that the list of the affected agencies be read out to all Senators and ordered that they should appear before the committee within one week or risk zero budget allocation in 2023 as far as capital expenditure component is concerned.
Other affected agencies aside ones earlier mentioned are ÷ Office Of The Accountant General Of The Federation, Federal Ministry Of Interior , Budget Office Of The Federation , Nigeria Bulk Electricity Trading Plc , Ministry Of Foreign Affairs , National Emergency Management Agency , National Commission For Refugees, Migrants And Internally Displaced Persons , Nigeria Security And Civil Defence Corp , Ministry Of Defence and Office Of The Special Assistant To The President On Niger Delta Affairs.
Others are ÷ Ministry Of Petroleum Resources , National Inland Water Ways Authority Lokoja , Federal Ministry Of Health , Presidential Amnesty Program,
Ministry Of Agriculture And Rural Development , Federal Civil Service Commission , Nigeria Nuclear Regulatory Authority , National Health Insurance Scheme , Ministry Of Communications And Digital Economy , Tertiary Education Trust Fund Tetfund , Federal Ministry Of Youth And Sport Development , Ministry Of Environment ,National Hajj Commission Of Nigeria , Revenue Mobilization Allocation Fiscal Commission , Federal Ministry Of Information And Culture , Nigeria Defence Academy , National Human Rights Commission , Nigeria Centre For Disease Control , National Security Adviser etc .
In a related development, the CBN policy on cash withdrawal limit of N100,000 and N500,000 for individuals and corporations respectively ran into trouble when Senator Philip Tanimu Aduda (PDP FCT) attempted to move a motion for it.
Senator Aduda in the proposed motion, sought for debate from all senators on the planned policy before the President of the Senate, Ahmad Lawan, told him that it was too early to debate the policy.
However, Lawan in stopping him said, “As good as the cashless policy may be, it should not be jumped at once.
“The way CBN is going about the policy, many Nigerians would be cut off and that won’t be accepted.
“Motion on the policy will be thoroughly debated in Senate on Tuesday next week after adequate information has been gotten on it.
“Before Tuesday next week, our committee on Banking , Insurance and other Financial Institutions mandated to screen the re – appointed Deputy Governors of Central Bank , should focus its questions on the planned policy.
“The CBN Deputy Governors must be thoroughly grilled on the policy after which extensive debate on it will be made by Senators on Tuesday next week”, he said.
