The Fiscal Responsibility Commission in Abuja has expressed concern over Nigeria’s escalating debt burden and is advocating for strict adherence to the Fiscal Responsibility Act (FRA) of 2007.
During a Media-Civil Society Roundtable on Fiscal Responsibility and Debt Management in Ilorin, Charles Abana, the Director of Legal, Investigation and enforcement at the Fiscal Responsibility Commission, urged the government to cease borrowing, turn inward, and curtail the cost of governance to strike a balance between recurrent and capital expenditures.
The roundtable discussion, organized by the Growth Initiatives for Fiscal Transparency project in collaboration with the Order Paper Advocacy Initiative, aimed to engage and educate the Kwara Fiscal Responsibility Commission, Civil Society, and the media on the importance of complying with the provisions of the Fiscal Responsibility Act of 2007 concerning debt borrowing and indebtedness.
Charles emphasized that the Fiscal Responsibility Act of 2007 specifically applies to states in debt and debt management, excluding matters related to expenditure and revenue.
While advising the government to comply with the FRA 2007, he suggested that the Kwara Fiscal Responsibility Commission propose a law, the Medium Term Expenditure Framework (MTEF), to be passed by the State Assembly before the budget is presented.
In his remarks, Barrister Abubakar Othman, the Chairman of the Kwara Fiscal Responsibility Commission, encouraged the media and Civil Society to register with the commission for effective collaboration.
He also pledged to propose regular attendance for a representative of the Kwara Fiscal Responsibility Commission at the State Executive Council Meeting to provide guidance to the state government on debt management and other responsibilities.
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