The committee also wants the Federal Account Allocation Commission (FAAC) which sits monthly to meet weekly.
To ensure an institutional arrangement for effective budget implementation, the National Planning Commission (NPC) should be converted to Federal Ministry of Planning and Economic Development with the Vice President as Minister of Planning, the Committee on Economy, Trade and Investment has said.
This call was made when the committee, chaired by Hajiya Bola Shagaya, submitted its report at the resumption of plenary, where it also called for a replication of same in the states, with deputy governors becoming commissioners of Planning and Economic Development.
While recommending that the Budget Office be returned to the Ministry of Planning and Economic Development, it noted that funding for agencies like the EFCC, ICPC, SEC, NDIC, Office of the Accountant General of the Federation and Office of the Auditor General of the Federation, among others be made first line charge to guarantee their independence.
The committee also wants the Federal Account Allocation Commission (FAAC) which sits monthly to meet weekly “so as to remove the volatility associated with wholesome liquidity withdrawal by Nigeria National Petroleum Corporation.”
It added that constitutional provision should be made for the Sovereign Wealth Fund (SWF), calling for the legalisation of the Excess Crude Account as well as the imposition of luxury taxation on some categories of luxury items in the country.
Source: Daily Trust