Finance Minister, Seth Terkper, would today storm Parliament to present a Paper on Expenditure in Advance of Appropriation, January to March, 2017.
The Paper when later approved by the Legislature will enable the withdrawal of moneys from the Consolidated Fund to run government machinery for the stipulated three months period.
The 1992 Constitution gives the President the authority to go to Parliament to seek prior approval by a resolution, the withdrawal of moneys to spend for the stipulated three months.
Article 180 of the 1992 Constitution states “Where it appears to the President that the Appropriation Act in respect of any financial year will not come into operation by the beginning of that financial year, he may, with the prior approval of Parliament by a resolution, authorize the withdrawal of moneys from the Consolidated Fund for the purpose of meeting expenditure necessary to carry on the services of Government in respect of the period expiring three months from the beginning of the financial year or on the coming into operation of the Act whichever is earlier.”
Financial experts says this provision is always activated, especially, in an election year where the President is not sure the budget for that financial year will come into force and also which political party may take over the mantle of leadership to govern the country for the next four years.
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