The Senate has deferred debate on the general principles of the 2018 budget by one week.
Senate President Bukola Saraki announced this at Tuesday’s plenary where he explained that the decision is as a result of the need to pass the Medium Term Expenditure Framework, MTEF this week before focusing on the budget.
President Muhammadu Buhari has refused to sign two bills passed by the National Assembly.
The President withheld assent on The Chartered Institute of Treasury Management (Establishment, etc) Bill 2017 and The Federal University of Wukari (establishment, etc) Bill 2017.
In a letter dated November 8, 2017 addressed to the Senate President, Abubakar Bukola Saraki, President Buhari noted that in pursuant to Section 58(4) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) “I hereby convey to the Senate, my decision, on 25th October, 2017 to withhold assent to the Chartered Institute of Treasury Management (establishment, etc) Bill 2017.”
He noted that the rationale for withholding assent are regarding the scope of, and phrase utilized in the Bill.
He noted for instance that the phrase “treasury management’ is not defined in the Bill.
The President said that greater clarity may be required regarding the impact of the Bill on the Central Bank of Nigeria’s regulation of treasury managers in the banks, and the relationship between the proposed Institute and other existing professional institutes that regulate treasury managers in Nigeria.
On the refusal to assent to the Federal University of Wukari, the president said the ‘Statute” should replace “regulation” throughout the bill for consistency.
He said that paragraph 9(1) of the 1st Schedule should refer to “the President” and not “the Visitor while paragraph 5 of the 3rd Schedule should refer to sub-paragraph (2) and not sub-paragraph (3).
Apart from withholding of assent on the two bills, President Buhari sent three other bills to the Senate for consideration and passage into law,
The new bills are Federal Institute for Industrial research Bill 2017, Nigeria natural medicine development agency (establishment) bill 2017 and the raw materials research and development council (repeal and re-enactment) bill 2017.