Home Economy NASS to amend finance act to accommodate N11.03trn deficit in 2023 budget

NASS to amend finance act to accommodate N11.03trn deficit in 2023 budget

by Business News Report

National Assembly has hinted that it will amend the finance act to accommodate the N11.03 deficit proposed for the N19.76trillion 2023 Budget.  It said that the required amendment of relevant provisions of the Finance Act will be carried out.. Speaking with in Abuja, the Chairman, Senate Services Committee, Senator Sani Musa, said that the amendment of the Finance Act by the National Assembly would dwell on areas of making the various revenue generating agencies to double or triple targets earlier given to them towards reducing the size of proposed budget deficit. Senator Musa who spoke at the frontage of temporary chamber being put in place for Senators in view of renovation work going at the main Chamber who tacitly noted that tomorrow’s resumption would depend on how proper the temporary chamber is put in place before the Senators are set for work  said, ” The budget of this country,  have  been in deficit and the only thing we can  do is to amend so many things  in the Finance  Act, so that we can  be  able to  generate more revenues   from other sources  rather than depending on  oil alone and by extension , reduce the size of proposed budget deficit.

“By now the temporary chambers should have been ready knowing that we are resuming , initially we are suppose to resume on the 20th of this month  but there are some little things that needs to be done before then. But I can assure the general public  that this will be done in the shortest time and we are going to resume to receive  Mr President and  to present the 2023 Budget. You will recall that the 9th Senate has done very well, because this edifice  since it was built, has never been  rehabilitated, we are refurbishing it, bringing it  back to standard  like any other parliament you see around the world. The FCT that is doing this Job,  have been up and doing, but we need to push, they need to do more  so that we will be able to resume as quick as possible”.

Speaking on the general renovation work going on at the National Assembly , Senator Musa who noted that  it was an  over due project and very necessary in making the National Assembly particularly the Hallow Chambers to meet up with global standard, said, “it  is a great achievement  for us that we are renovating the National Assembly complex that has been built over 20 years. What we  read  from the newspapers that NASS leadership has not done anything on the licking roof, is not true. This edifice is suppose to be managed and  taken care by the FCT,  because it is their property, but now we have taken it as a responsibility on us to make sure we renovate it. Iam  sure that by the time the renovation of the National Assembly   chambers  is completed, other African countries will come to see and make Nigeria as a case study   and see how we have improved on parliamentary infrastructure.” The Senate had through its committee on Finance during interface with the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed , kicked against the proposed N11.03 trillion deficit proposed for the N19.76 trillion  2023 Budget . Senator Olamilekan Adeola,  who chairs the committee has  told heads of revenue generating agencies at different times ,  to  think out of the box in making  more revenues for the country in the  coming fiscal year, for the purposes of reducing prosed deficit size and  loan collections for budget financing.

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