The House of Representatives has barred President Goodluck Jonathan from funding the Securities and Exchange Commission from either public funds or “private sources”, even as they insist that the Director-General, Ms Arunma Oteh must be sacked.
This was contained in a March 27 memo sent by the House Committee on Legislative Compliance led by Hon. Moruf Akinderu-Fatai to the Executive through Finance Minister Dr. Ngozi Okonjo-Iweala, in which they insisted on zero allocation to the SEC.
Copies of the memo were sent to the Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim, the SEC Board and the Commission’s Director of Finance and Administration.
The letter reads: “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 returned 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 for any authority or person (Mr. President inclusive) to finance the operations of Securities and Exchange Commission from public coffers or even private sources.”
The memo advised the SEC “to refrain from making any expenditure until a budget has been approved by the National Assembly for that purpose.
“You may also not source and spend any monies whatsoever as this will be a clear infringement of the Constitution and shall be viewed as such,” the House Committee warned.
The National Assembly has been embroiled in a long-running dispute with the Presidency over the Securities and Exchange Commission, with the legislators insisting that Ms Oteh, the Direct0r-General be sacked.
The Presidency has so far refused to sack her, leading to the National Assembly to not allocate any monies to the SEC in the 2013 budget.