Senate moves to give NSIA 20% federal Revenue

… considers report to guarantee air safety at Airports

The upper chamber of the National Assembly is seeking to give the Nigerian Sovereign Investment Authority (NSIA) 20 percent of all revenues accruable to the Federation Account and also placed it on first line charge. 
The position of the Senate was made known at the second reading of a Bill for an Act to amend Allocation of Revenue (Federation Account, Etc.) Act CAP A 15 LFN 2004” sponsored by the Senator Bassey Albert Akpan (Akwa Ibom North East).
Leading debate on the Bill, Akpan explained that the Bill seeks to amend the Allocation of Revenue (Federation Account, Etc.) Act, “to make the NSIA a first line charge beneficiary of the Federation Account for saving purposes.”
He said: “The Bill seeks to amend Section 1 of the principal Act to provide for additional funding for the NSIA by including the NSIA as a first line charge beneficiary of the monthly distributable funds from the Federation Account.
“We had earlier proposed an amendment to section 162(3) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) to provide for the inclusion of the Nigeria Sovereign Wealth Funds established under the Nigeria Sovereign Investment Authority (Establishment, Etc.) Act in the distribution of any amount standing to the credit of the Federation Account. 
“We had equally proposed an amendment to sections 30(1) and 47(2) of the Nigeria Sovereign Investment Authority (Establishment, Etc.) Act Cap A 15 Laws of the Federation, 2004 to provide additional funds for the Sovereign Wealth Funds (SWF) through a statutory allocation of funds from the monthly revenue accruing from the Federation Account and strengthen the operations and withdrawals from the SWF by the Federation to further boost the confidence of the Federating units in the operations of the Fund to the benefit of all. 
“The proposed amendment as contained in this Bill is therefore to complete the series of amendments in this regard by developing a constitutional and consistent monthly saving culture for the Federation against the rainy day while guarding against constitutional breaches and or conflict of laws. 
“The Bill proposes an amount (equivalent to 20 per cent of the amount Standing to the credit of the Federation Account, less the statutory 13 per cent of the revenue accruing to the Federation Account directly from natural resources) to be allocated to the Nigeria Sovereign Investment Authority, on monthly basis.”
Akpan further argued that there is the need for a dedicated saving culture to safeguard the Nigerian economy going forward due to the rapidly changing dynamics and volatility of the global oil market, adding, “let us learn our lessons now with the outcome of the COVID-19 pandemic because none of us knows tomorrow.”
The lawmakers, in their contributions, supported the Bill and approved that it be read for a second time, when it was put to voice vote by the Senate President, Ahmad Lawan.
The Bill was referred to the Senate Committee on National Planning for further legislative work.
The Senate has, in the same vein considered a critical bill that would ensure increased efficiency and guarantee the implementation of new national safety requirements in air transport system in Nigeria. 

The piece of legislation titled: Federal Airports Authority of Nigeria Bill, 2020, was sponsored by the Senate Leader, Yahaya Abdullahi (APC – Kebbi North).  
Leading debate on the bill, the lawmaker said the piece of legislation seeks to provide for effective management of airports in the country.

Sen. Yahaya Abdullahi (APC – Kebbi North).

According to him, when passed into law, any person who fails to obtain the approval of the Federal Airports Authority of Nigeria (FAAN) before commencing construction of an aero drone, commits an offence and will be liable to a fine not exceeding N5million naira ($16,200 circa) in the case of a corporate body; or N2million naira  ($6,500 circa) in the case of an individual. 
The Bill also confers powers on FAAN to appoint, contract, liaise or co-operate with experts, including specialized agencies, resource persons, academic and technical institutes, advisory committees etc., in order to assist it in carrying out its functions and duties. 
It also provides that a fund must be maintained by FAAN, where monies appropriated to the agency by the National Assembly, Federal Government and in respect of services provided and rendered by it will be deposited.
On penalty for failure to remit, it provides that any person who collects monies and fails to remit same into the fund managed by FAAN commits an offence and will be liable on conviction, to imprisonment for a term of two years or to a fine of N2million naira $6,500 circa; or to both fine and imprisonment and must also refund monies owed.

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