JUST IN: Reps set for showdown with Aso Rock over SWF
.... Insist no budget for Sovereign Wealth Fund in 2022
The House of Representatives may be heading for ‘war’ with Aso Rock as the Green Chamber, on Tuesday, said that it would not appropriate any allocation to the Nigeria Sovereign Wealth Fund from the Federation Account for the 2022 fiscal year.
Chairman of the House Committee on Finance, Hon. James Faleke, who made the position of the Green Chamber known at the budget defence of the Ministry of Finance and its agencies, said the agency has failed to present its budget to the Parliament for consideration since it was created.
Hon. Faleke maintained that the Sovereign Wealth Fund has continued to rely on its enabling law, which states that the Board of the agency would approve its budget.
The federal lawmaker insisted that whether the law was made inadvertently or not, it could not override the Constitution which gives the power of appropriation to the National Assembly.
Hon. Faleke maintained that the House of Representatives would write to the Office of the Accountant General of the Federation to ensure that no money is disbursed to the agency in the 2022 budget since nothing has been approved for them by the Parliament.
Details later…
