The House of Representatives has advised President Goodluck Jonathan to ensure prudence ahead of the passage of 2015 Appropriation Bill.
Chairman of the House Committee on Rules and Business, Albert Sam-Tsokwa, Peoples Democratic Party (PDP), Taraba, gave the advice in a chat with House correspondents yesterday. According to him, any reckless expenditure would lead to a deficit that the country had never witnessed before.
Although the constitution empowers the President to spend before budgets were approved, the country would be plunged into financial crisis, if the President failed to exercise restraint.
“I am aware that the constitution allows Mr. President to spend an amount of money equivalent to the one that was spent in the preceding year, pending the approval of the budget.
“But the snag we have is that last year’s budget was based on crude oil price of over $100 per barrel but as we speak, the price is barely 50 dollars.
“So, if Mr. President is to spend the equivalent of what was spent in a particular period last year this year, we will run into trouble.
“So, I will advise that Mr. President thread cautiously and I call on legislators to expedite action on the budget and put it behind us before going for presidential and governorship elections,” he said.