The Fiscal Responsibility Commission (FRC) says it will implement a Memorandum of Understanding (MoU) with some agencies to ensure monitoring, evaluation and project verification for the commission.
This formed part of the recommendations of a communique issued at the end of a week-long capacity building workshop organised by the FRC from Sept. 14 to Sept. 19.
The communique, made available by Mr Bede Anyanwu, the Head, Strategic Communications Directorate, signed by the Acting Chairman, FRC, Mr Victor Muruako.
The workshop had as its theme: “Maintaining Best Global Practices in Project Execution in a Post-COVID-19 Economy”.
Participants at the workshop recommended that an MoU be implemented by the FRC, Nigerian Institute of Quantity Surveyors (NIQS) and the Society of Project Management and Development Professionals International.
The MoU is aimed at developing a template for monitoring, evaluation, and verification of projects for the commission.
It was also recommended that the FRC launch a critical studies of the short-term effects, cost implications, opportunity or value loss and long-term impact of the present status quo.
It stated that this would pave way for integrated and sustainable funds allocation and also develop an enduring framework for monitoring and evaluation of public sector projects in the country.
It said the studies would promote the commission’s mandate to undertake fiscal and financial studies, analysis and diagnosis in line with international good practices and disseminate to the public.
The workshop also suggested that the FRC conduct an in-depth investigation into the incidence of abandoned or failed capital projects in the country.
“The investigation is expected to identify their causes, document them, and make the report accessible and available to the public and the government.’’
The participants further recommended that the ministries, departments and agencies should be online based and be established in line with the project management practices and software systems to ensure thorough monitoring and evaluation.
They also reiterated the need for the Fiscal Responsibility Act, 2007 to be amended to provide sanctions for scheduled defaulting corporations.
It was further suggested the need for the commission to be adequately funded and trained to carry out independent monitoring and evaluation of projects. (NAN)
