Finance

Senate Checkmates Executive Over 2018 Budget in Advance

“The Executive claimed it was awaiting the resolution of the National Assembly on external borrowing to enable them to borrow externally to finance part of the capital component of the budget. This is because external debts have longer tenors and lower interest rates.”

“60 per cent of the capital component of the 2017 budget may be rolled over to 2018, with the expectation that it will commence in January 2018.

“The shortfall in personnel costs of some agencies are as a result of either error in budget or unapproved employment of staff. This is being investigated by the Executive, with a view to addressing the problem.

“There are revenue leakages of operating surpluses that agencies are not remitting to the Consolidated Revenue Fund.”

“The committee wishes to recommend that the issue of external borrowing be resolved with the Executive without further delay.”

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