The House of Representatives on Thursday rejected a bill that sought to amend the Nigerian National Petroleum Corporation (NNPC) Act to stipulate legislative approval for budgetary expenditure and borrowing plan of the corporation.
The bill entitled, “A Bill for an Act to Amend the Nigerian National Petroleum Corporation, Act, Cap N123, laws of the federation of Nigeria, 2004, to stimulate legislative approval for budgetary expenditure to enhance financial and fiscal discipline in the conduct of transactions by the Nigerian National Petroleum Corporation and for other related matters (HB. 571),” was sponsored by Hon. Rapheal Igbokwe.
The bill was dropped because it was said to be in conflict with the Fiscal Responsibility Act 2007 which had already stipulated that NNPC and other listed revenue agencies should submit their budget to the Minister of Finance for onward transmission to the National Assembly.
The sponsor of the bill in his argument said that, he sponsored the bill to bring the NNPC Act in conformity with the FRA 2007.
According to him, NNPC only submit its budget to the presidency, noting that, a lot of ministries, departments and agencies of government do not bring their budget to National Assembly because the Act establishing them says they should submit it to their Minister for onward transmission to President.
But, the Speaker, Hon. Yakubu Dogara queried that, “why do you want to address the NNPC only? What happens to the other agencies?”
The Minority Leader, Honourable Leo Ogor, in his argument said that, he agreed with the Spirit of the bill but disagree with the amendment because of the Fiscal Responsibility Act 2007.
Also, Hon Mohammed Monguno advised that, the bill should be withdrawn because of the inconsistency.
When the bill was put to voice vote by the Speaker, Hon. Dogara, it was rejected by majority of the lawmakers.
Meanwhile, the House has promised to pass the Petroleum Industry Bill (PIB) that will stand the test of time.
Deputy Chairman, House committee on Media and Public Affairs, Hon. Jonathan Gbwefi, while speaking with newsmen said that, the House would ensure passage of the controversial bill.
According to him, “the PIB is just one among so many other bill we are working on.”