Revenue Generating Agencies of Government and Leakages in the Economy

Nigeria Stock Exchange

During the present fiscal year, the House of Representatives and Senate of the Federal Republic of Nigeria unanimously deprived the Security and Exchange Commission (SEC) of any form of budgetary allocation. Reason been obviously the fracas between the Director General of the Commission and the erstwhile House Committee Chairman on Capital Market.

Incidentally, SEC seems to have existed for almost one year now without complaining of inadequate funds. What looked like a punishment or indictment has not actually served it purpose.

However, the pertinent questions to be spelt out here are, do revenue generating agencies like SEC require budgetary allocations? Who has been approving such public expenditure carried out by the D.G. of SEC including paying salaries, wages and embarking on other overhead expenses with the revenues generated at SEC all this while? Is there a leakage or conduit pipe that we have refused to notice? could this be a case of double spending (generating revenue and receiving budgetary allocation?

Aruma Otteh, DG SEC, Nigeria

These and many more, are questions that require urgent answers if we want to protect public funds. Remember, there are other revenue generating govt. MDAs like SEC in Nigeria still enjoying this double allocation status.

The sooner we begin to notice all of these issues and take them seriously, then, shall we be attempting to serve our economy and democracy in Nigeria from leakage and abuse of public funds.

Link the Nigerian Constitution for enhanced Knowledge

 One pertinent criteria to be able to demand for your rights in a democratic setting like ours is for you to have adequate knowledge of the Constitution. In Nigeria, the 1999 Constitution makes available the statutory provisions of how the affairs of the nation can be conducted. Fir this reason we are making available a link where you can find the Nigerian Constitution for use.  

http://www.nigeria-law.org/ConstitutionOfTheFederalRepublicOfNigeria.htm

Talk to Someone Today about Citizens Rights under Democracy

We are more than 14 years into democracy and it has been to the grace of God uninterrupted. To say the least, we are garnering a lot of experience. It is thus expected that subsequent elections shall be better than past ones.

As INEC continues to improve on her mandate to deliver free and fair elections, we as citizens also need to begin to conscientize ourselves on our role and rights as electorates. We can do so by paying increased attention to political happenings in our environment. We must insist on knowing who intends to represent us or help us manage our resources. it is only when we notice this happenings that we can begin ti take serious our mandate to appoint or elect those we intend to SERVE us. Then we can begin to devise ways of protecting our votes. When our votes begin to count, only then shall we begin to demand genuine accountability from those we have elected to serve us.

First we must task ourselves, finding time within our tight schedules to educate fellow Nigerians about the enormous rights and powers we possess and what our one vote could do. if we start now, we shall have attained a next step tomorrow.

We must save democracy in Nigeria because it has come to stay. Now that i have reawakened your reasoning please tell your neighbour.