The House of Representatives has said it is ready to ensure the funding of the 2020 budget to enable the projects enumerated in the budget come to fruition.
The committee is also to monitor all MDAs, Collecting Banks, Corporate bodies of Government who are “expected to cooperate fully with the Committee in carrying out these functions.”
In a statement signed by the Chairman of its Committee on Finance, Rep. Abiodun Fakeke, the House said it will consequently start its job on the 2020 revenue appropriation implementation from January 16, 2020.
The statement reads: ” With the passage and signing of the 2020 Appropriation Act, the House Committee on Finance wishes to commend all members of the House for the time spent to work on all source documents towards the passage of the Appropriation Act.
“The Appropriation Act remains a plan on paper and can only become reality if funds are available for the execution of the projects as contained in the Act.
“The plan will not come to fruition if the appropriated revenue is not generated and remitted to the appropriate government accounts.”
The statement further reads: ” the Committee on Finance whose key area of oversight is revenue generation and remittances have the job of ensuring these revenues are achieved and remitted accordingly.
“In this light, the Committee on Finance will start its job on the 2020 revenue appropriation implementation from January 16, 2020.
“All MDAs, Collecting Banks, Corporate bodies of Government are expected to cooperate fully with the Committee in carrying out these functions. In this light, the Committee on Finance will be receiving weekly/ monthly reports on revenue generation and remittances to monitor these revenue projections.”
The Committee on Finance also said it will use the new Federal Government transparency initiative on expenditure disclosure by MDAs to ensure extra-budgetary expenditures are enhanced for revenue remittances to the treasury