Reps to probe excessive withdrawals from Stabilisation Fund

THE House of Representatives, on Wednesday, put machinery in motion to probe the excessive withdrawals from the Stabilisation Fund by the Federal Government.To this end, the House has mandated its committees on Appropriation and Finance to investigate the legality or otherwise of the expenditure made and submit its report within four weeks.The House resolution was sequel to a motion moved by Honourable Haruna Fatai entitled, 'indiscriminate withdraws from the Stabilisation Account by the Federal Government,' where he noted that the revenue sharing laws provide for the remittance of 0.5 per cent of funds accruing to the Federation Account to be kept in the Stabilisation Fund.He added that the president had within the period of eight months spent about N114 billion for certain expenditure which should ordinarily be budgeted for.The lawmaker then explained that the Stabilisation Account was meant to be used in funding deficits in the budget, when the oil price is below the benchmark price.He said: 'This account being a buffer against oil price shock, spending from it should be guided by caution and great circumstance in order to maintain a sound fiscal policy.'The motion was not thrown open for debate before the Deputy Speaker, Honourable Emeka Ihedioha, called for vote and the motion was voted for by members.
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