The Senator Representing Cross River North Senatorial District, Senator Jarigbe Agom Jarigbe, today, sponsored a bill tagged "Central Bank of Nigeria (CBN) Act No. 7 2007 (Amendment) Bill, 2021 (SB. 821)"
The Central Bank of Nigeria (CBN) Act No. 7 2007 (Amendment) Bill, 2021 (SB. 821) was read the First Time today on the floor of the Senate.
While presenting the bill, the Lawmaker stated that, direct control of national finance is one of the "great tasks" of modern legislatures. "This control is exercised at two levels, First, through legislative assent to all measures that implement public policy, including the authorisation of both the amounts and objects or destination of all public expenditure."
The second is, "through review of annual reports on public accounts and the reports of the relevant parastatals, agencies or ministries..."
"...it is by doing so that the parliament ensures that no expenditure is made, other than those authorised by it, thereby checking the financial excesses of government establishments." He added.
The bill according to Sen. Jarigbe, "...is meant to further install fiscal discipline and ensure that relevant cooperations, agencies and government owned companies spend only from appropriated revenue."
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