Reps Tackle Jonathan Over Extra-Budgetary Funding Of SEC

In a latest dimension to the feud between the legislature and executive  over zero allocation by the National Assembly to the Securities and Exchange Commission (SEC) the House of Representatives has written to the presidency not to release funds to the commission under any guise, unless the National Assembly approves it.
The letter dated 27th March, 2013, which was addressed to the minister of finance, Ngozi Okonjo-Iweala by the legislative compliance committee of the House also stated emphatically that President Goodluck Jonathan should not fund the operations of SEC either from public coffers “ or even private sources”.
Copies were also forwarded to the secretary to the government of the federation (SGF), Anyim Pius Anyim as well as the board of SEC and the director of finance and administration at SEC.
The letter reads in part, “you will recall that the Securities and Exchange Commission had submitted its budgetary proposals for 2013 to the House.
“You will also recall that no approval was passed back to the Securities and Exchange Commission.
“Further to this and most importantly, the National Assembly has vide the 2013 Appropriation Act, Item 9, Part E, Clause 10 stated thus: All revenue however described including all fees received, fines, grants, budgetary provisions and all internally and externally generated revenue shall not be spent by the Security and Exchange  Commission for recurrent or capital purposes or for any other matters, nor liabilities thereon incurred except with prior appropriation and approval by the National Assembly.
“The net effect of the National Assembly’s resolution item 9 Part E Clause 10 of 2013 Appropriation Act, it is ultra vires any authority or person (Mr president inclusive) to finance the operations of Securities and Exchange Commission from public coffers or even private sources.”