Senate to amend allocation of revenue act make more funds for sovereign authority

Senate to amend allocation of revenue act make more funds for sovereign authority

A bill to amend the Allocation of Revenue Act (Federation Account) has scaled second reading in the Senate

The bill which was sponsored by Senator Albert Bassey (PDP representing Akwa Ibom Northeast) seeks to place the Nigeria Sovereign Investment Authority (NSIA), on the first line charge.

The bill also makes provision for more funds for the NSIA.

The proposed bill however generated heated debate on the provision that requires it to allocate 20% of Nigeria’s gross earnings to the NSIA on a monthly basis for the purpose of saving.

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Even though lawmakers welcomed the bill; there were a few concerns that the allocation of 20% of Nigeria’s total earnings could impact negatively on the budget of other agencies of government and indeed the country at large.

After an elaborate deliberation, the bill which was first read in May, 2020, scaled second reading for further legislative work.

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