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Fiscal Responsibility Law, 2018

ADAMAWA STATE HOUSE OF ASSEMBLY
A BILL
FOR
A LAW TO REPEAL FISCAL RESPONSIBILITY LAW NO. 3 OF 2013 AND RE-ENACT ADAMAWA STATE FISCAL RESPONSIBILITY COMMISSION LAW AND FOR OTHER CONNECTED PURPOSES
Date of Commencement ( )
BE IT ENACTED by the House of Assembly of Adamawa State of Nigeria and by Authority of same as follows:
PART 1-PRELIMINARY PROVISIONS
Short title and 1 This Law may be cited as the Adamawa State Fiscal Commencement Responsibility (Repeal and Re-enactment) Law, 2018 and
shall come into operation on the ….day of……………… 2018.
Interpretation 2. In this Law unless the context otherwise requires:
“Commission” means the Fiscal Responsibility Commission established pursuant to section 3 (1) of this Law;
“Appropriation Law” means a duly enacted law by the House of Assembly pursuant to Section 121 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and includes, a Supplementary Appropriation Law;
“Arms of Government” means the Executive, the Legislature and the Judiciary of the State;
“Borrowing” means any financial obligation arising from:
(i) Any loan, including principal, interest, fees and penalties relating to such loan;
(ii) The deferred payment for goods and services other than payment for goods and services pursuant to an appropriation law under a contract which fully complies with the state Procurement Law;
(iii) Bonds, debentures, note or similar instruments;
(iv) Letters of credit and reimbursement obligation with respect thereto;
(v) Trades or banks acceptances;
(vi) Capitalized amounts of pecuniary obligations under leases entered into primarily as a method of raising……..

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