Senate To Strip Of  MDAs Of Excessive Spending

The Senate has promised  to amend the Fiscal Responsibility Act to curb halt spending of gross incomes  and operational surpluses allegedly  being made by many of the revenues generating agencies of government .

The Senate Committee on Finance made the pledge while interfacing with heads of National Metrological Development Agency ( NMDA) and Federal Government Staff Housing Loan Board on Monday.

In his remarks, the Chairman of the Committee, Senator Olamilekan Adeola ( APC Lagos West ), said the Fiscal Responsibility Act must be amended to curb wastages by most of the Government Ministries , Departments and Agencies ( MDAs).

He explained that  such amendment will also help in boosting revenues of government and financing of yearly budgets with less deficit margin and external borrowings .

“The committee is looking forward to the upcoming amendment of Fiscal Responsibility Act before us to jerk up government revenue. The idea of 80% operational surplus is obsolete.The government has proposed 25%, but we are proposing 60% of your gross income to be deducted at source. So for every month, every revenue you generate, before you spend out of it, we will take 60% of it. You are left with 40%.

At the end of the year, after your account must have been audited, we will still come after your 80% operational surplus. This is what the committee is proposing,” he said.

He assured that all the ideas of deducting depreciation, donations from organizations not approved, unwarranted expenditure, taken at a glance without revert back to government, fixing of arbitrary salary and commission that is not approved by National Salaries and Wages Commission, all of these will be put to an end by the forthcoming amendment to the Fiscal Responsibility Act”.