ARRANGEMENT OF SECTIONS
1 Establishment of the National Economic Intelligence Committee, etc.
- Membership of the Committee.
- Tenure of office.
- Functions of the Committee.
- Powers of the Committee.
- Directives by the President.
- Proceedings, etc., of the Committee.
- Sub-committees of the Committee.
- Secretary to the Committee.
- Other staff of the Committee.
- Offences and penalties.
- Short title.
An Act to establish the National Economic Intelligence Committee with responsibil-
ity to analyse the annual budget, the monetary and fiscal measures and to moni-
tor, assess and enforce all such fiscal measures, revenue targets and growth indi-
ces of the Federal Government; and for matters connected therewith.
[1994 No. 17.]
[15th February, 1994]
- Establishment of the National Economic Intelligence Committee, etc.
(l) There is hereby established a body to be known as the National Economic Intelli-
gence Committee (in this Act referred to as “the Committee”).
(2) The Committee–
(a) shall be a body corporate with perpetual succession; and
(b) may sue and be sued in its corporate name.
- Membership of the Committee
(1) The Committee shall consist–
(a) a chairman;
(b) twelve other members one of whom shall be a woman; and
(c) the secretary to the Committee.
(2) The chairman and members of the Committee shall be appointed by the President.
- Tenure of office
(1) The chairman and members of the Committee shall hold office for such period as
may be specified in their letters of appointment.
(2) A member may at any time be removed from office by the President for inability
to discharge the functions of his office (whether arising from infirmity of mind or body or
any other cause) or for misbehaviour but shall not be removed from office except in ac-
cordance with the provisions of this subsection.
(3) A member may resign his membership by notice in writing addressed to the
President and that member shall, on the date of the receipt of the notice by the President,
cease to be a member.
(4) There shall be paid to every member of the Committee such honoraria and allow-
ances as the Federal Government may, from time to time, direct.
- Functions of the Committee
Notwithstanding the provisions of subsection (2) of section I of this Act, the Co m-
m i ttee shall-
(a) analyse the annual budget and extract all economic measures requiring en-
(b) work out details on the method of enforcing implementation of the annual
(c) analyse the monetary guidelines issued by the Central Bank of Nigeria (in this
Act referred to as “the Bank”) and monitor the implementation of all the meas-
ures enumerated therein;
(d) monitor and identify factors inhibiting the realisation of set revenue targets
such as tax evasion by individuals or association of individuals, and bodies
corporate in the private and public sectors of the economy;
(e) enforce the implementation of existing tax legislation;
(f) assess the report on any project being carried out by the Federal Government
and confirm that funds released for Federal Government projects are judi-
(g) monitor and report to the Federal Government, on quarterly basis, the infla-
tionary rate, the consumer price index and such other growth indices on output,
liquidity and cost of funds, transportation costs, fuel prices and other related
(h) recommend any increase or decrease of price on manufactured goods;
(i) monitor the supply and demand of forex, the gap and factors affecting the
markets sales and indicated rates, use of forex and operation of the market;
(j) consider any issue appropriate and relevant to the subject of revenue collec-
(k) give a situation report of all its activities on quarterly basis to the Federal Gov-
(I) ensure that any defaulter of any of the issues mentioned above or any other
matter related thereto is brought before the Federal High Court; and
[1984 No. 20.]
(m) consider such other matters as may be referred to it from time to time by the
- Powers of the Committee
The Committee shall have power to–
(a) invite any person, group of persons or body corporate to appear before it;
(b) call for memoranda from any person, association of individuals or bodies cor-
porate, whether public or private;
(c) ask for copies of reports, audited accounts or such other information as may be
required for the purposes of the Committee and in whatever manner if deems
fit from any person or association of individuals and body corporate whether
public or private;
(d) monitor any matter to the extent that it affects the functions of the Committee;
(e) enforce foreign exchange regulations and cause offenders to be prosecuted;
(f) enter and inspect premises, project sites and such other places as may be nec-
essary for the purposes of carrying out its functions under this Act.
- Directives by the President
(1) The President may give to the Committee such directives as appear to him to be
just and proper for the effective discharge of the functions of the Committee under this
(2) It shall be the duty of the Committee to comply with any directives given pursu-
ant to subsection (1) of this section.
(3) Any decision reached by the President in accordance with this Act, shall be final
and binding and notwithstanding the provisions of the Constitution of the Federal Repub-
lic of Nigeria 1979, as amended, no suit or legal action in any court of law or tribunal
shall be filed against any person for any act done or intended to be done in pursuance of
any decision of the President.
- Proceedings, etc., of the Committee
(1) The Committee shall meet for the conduct of its business at such times, places
and on such days as the Committee may appoint.
(2) The chairman shall preside at all meetings of the Committee but if he is absent
from any meeting of the Committee the members present shall elect one of their number
to preside at that meeting.
(3) During the chairman’s absence or if the chairman is otherwise not available or is
unable to perform his functions, the President may appoint any member of the Committee
to act as chairman for any speci fied period.
(4) The quorum for meetings of the Committee shall be seven.
(5) Questions put before the Committee at a meeting shall be decided by consensus
and, where this is not possible, by a majority of the votes of the members present and
(6) The chairman shall in the case of an equality of votes have a casting vote in addi-
tion to his deliberative vote.
(7) Subject to this section, the Committee shall have power to regulate its proceed-
ings and may make standing orders with respect to the holding of meetings, the notice to
be given, the procedure thereat, the keeping of minutes of such proceedings and the cus-
tody and production for inspection of such minutes.
(8) The validity of any proceedings of the Committee shall not be affected by any va-
cancy in its membership or any defect in the appointment of a member or by reason that a
person not entitled to do so took part in the proceedings.
8. Sub-committees of the Committee
(1) The Committee may appoint one or more sub-committees to carry out on behalf
of the Committee any of the Committee’s functions under this Act.
(2) The sub-committee appointed by the Committee under this section shall consist of
such number of persons as may be determined by the Committee.
- Secretary to the Committee
(1) There shall be for the Committee a secretary who shall-
(a) be a member of the Committee; and
(b) be appointed by the President.
(2) Subject to the general direction of the Committee, the secretary shall-
(a) be responsible for keeping proper records of the proceedings of the Commit-
(b) be the head of the Committee’s secretariat and be responsible for the admini-
stration thereof and the direction and control of all other employees of the
Committee with the approval of the Committee.
10. Other staff of the Committee
The Committee shall have power to appoint either directly or on secondment from
any public service in the Federation, such number of employees as may, in the opinion of
the Committee, be required to assist the Committee in the discharge of any of its func-
tions under this Act and shall have power to pay persons so employed such remuneration
(including allowances) as the Committee may determine.
11. Offences and penalties
(1) It shall be an offence for any person, association of individuals or body corporate
(whether public or private) to–
(a) engage in foreign exchange transactions other than through the official foreign
exchange market; or
(b) engage in foreign exchange transactions at a rate higher than that approved by
the Bank; or
(c) publish or cause to be published exchange and interest rates other than the
rates determined by the Bank from time to time; or
(d) charge or pay interest rates higher than those approved from time to time by
the Bank; or
(e) refuse or neglect to give any information which the Committee may require in
exercise of its functions; or
(f) make any statement in respect of information required by the Committee
which he knows to be false in any particular material or which he has no rea-
son to believe to be true.
(2) Any person who commits an offence under subsection (1) of this section is guilty
of an offence and liable on conviction–
(a) in the case of an individual, to a fine of N100, 000 or imprisonment for a term
of two years or to both such fine and imprisonment; and
(b) in the case of an association of individuals or a body corporate, to a fine of
N 500, 000 and the suspension or revocation of its certificate of registration or
certificate of incorporation.
(1) The Federal High Court shall have jurisdiction to try offenders under this Act.
[1999 No. 62.]
(2) The Federal High Court shall have power, notwithstanding anything to the con-
trary in any other enactment, to impose the penalties provided for in this Act.
Subject to the provisions of section 37 (1) of the Foreign Exchange (Monitoring and
Miscellaneous Provisions) Act where the provisions of this Act are inconsistent with the
provisions of any other law or enactment, the provisions of this Act shall to the extent of
that inconsistency prevail and apply.
In this Act, unless the context otherwise requires-e-
“Bank” means the Central Bank of Nigeria;
“chairman” means the chairman of the Committee;
“Committee” means the National Economic Intelligence Committee established by
section I of this Act;
“Constitution” means the Constitution of the Federal Republic of Nigeria 1999;
“functions” include powers and duties;
“member” means a member of the Committee and includes the chairman;
“secretary” means the secretary of the Committee appointed pursuant to section 9 of
15. Short title
This Act may be cited as the National Economic Intelligence Committee (Establish-
ment, etc.) Act.
No Subsidiary Legislation