Reps Halts SEC From Spending Unappropriated Revenues

The House of Representatives on Thursday barred the Securities and Exchange Commission (SEC) from spending its internally and externally generated revenues without appropriation by the National Assembly.
This is contained in a report presented by the House Committees on Appropriation and Finance adopted by the house.
The report reads: “All revenue: fees received, fines, grants, budgetary provisions and all internally and externally generated revenue shall not be spent by the SEC for recurrent or capital purposes.
The statement said that the prohibition include “any other matters, or liabilities thereon incurred, except with prior appropriation and approval by the National Assembly”.
According to the report, all accounting officers of Ministries, Departments and Agencies (MDAs) who control heads of expenditures shall furnish the National Assembly on quarterly basis, with details of internally-generated revenue of the agencies.
It will be recalled that on Dec. 4, the House Committee on Finance, walked out officials of SEC, from a meeting with the revenue generating agencies of government.
The National Assembly after investigating the near collapse of the capital market, resolved not to have anything to do with the commission, until its Director-General, Ms Arunma Oteh, was sacked.