House of Representatives Committee on Finance has said it will commence action on the implementation of the 2020 budget (Appropriation Act) from January 16, 2020.
Recall that President Muhammadu Buhari early had on Tuesday, December 17, 2019, signed the Appropriation Bill into law.
James Faleke, the chairman of the House Committee on Finance in a press release on Thursday, December 19, 2019, said the Committee will be receiving weekly /monthly reports on revenue generation and remittances to monitor the revenue projections in the 2020 budget.
He urged all Ministries, Departments and Agencies, MDAs of government, Collecting Banks, Corporate bodies of Government to cooperate fully with the Committee in carrying out those functions.
“With the passage and signing of the 2020 Appropriation Act, the House Commit 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 Committee on Finance whose key area of oversight is revenue generation and remittances has the job of ensuring these revenues are achieved and remitted accordingly.
“The Committee on Finance will also use the new Federal Government transparency initiative on expenditure disclosure by MDAs to ensure extra-budgetary expenditures are curtailed to enhance revenue remittances to the treasury”, he said.
