{"id":72870,"date":"2014-12-10T05:30:57","date_gmt":"2014-12-10T05:30:57","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=72870"},"modified":"2014-12-09T20:17:31","modified_gmt":"2014-12-09T20:17:31","slug":"parliament-failed-enforce-budget-spending-limit-iea","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/12\/parliament-failed-enforce-budget-spending-limit-iea\/","title":{"rendered":"Parliament has failed to enforce budget spending limit – IEA"},"content":{"rendered":"
The Institute of Economic Affairs (IEA) has indicted Parliament for failing to enforce the budget spending limit approved in the 2012 Parliamentary Appropriations Act (PAA).<\/p>\n
The Constitution designates the Consolidated Fund (CF) as the key Public Fund that receives government revenues and it also stipulates that withdrawals from the CF must be authorized by Parliament.<\/p>\n
[contextly_sidebar id=”HMqJDbss9lfGY3bGVhiSignYFhjH1IVo”]Meanwhile, the Parliamentary Appropriations Act (PAA) sets ceilings each financial year for government spending from the CF based on the budget submitted to Parliament.<\/p>\n
The PAA therefore vests authority in Parliament to ensure that government expenditure is in conformity with budget estimates.<\/p>\n
But the IEA is insisting that the mandate of Parliament is rarely exercised, resulting in expenditure overruns from one financial year to the other.<\/p>\n
IEA indicated that \u201cParliament has systematically failed to monitor the budget and enforce spending limit.\u201d<\/p>\n