FRC set to organize retreat on policy framework for strengthening fiscal transparency, others

By Chimezie Godfrey
Fiscal Responsibility Commission (FRC) is set to organize a one day retreat on Policy Framework for strengthening Fiscal Transparency, Prudence and Accountability at the Sub-National Levels.
This is in pursuit of the Commission’s efforts and determination to take the campaign for prudence and accountability to the grassroots.
Barrister Victor Muruako, the Acting Chairman, Fiscal Responsibility Commission stated this in his office on Monday in Abuja.
According to Barrister Muruako, the proposed one day retreat which is supported by Civil Society Legislative Advocacy Centre (CISLAC) and Oxfam is aimed at addressing policy and institutional framework for strengthening fiscal responsibility, transparency and accountability at the Sub-National levels within the framework of the financing for development (F4D) project.
He said, the retreat will seek to identify gaps and institutional challenges amongst other issues that have weakened the capacity of the Fiscal Responsibility Initiative at the sub-national levels to effectively execute their mandates.
“Various Fiscal Responsibility Commissions at the state levels to effect beneficial changes in fiscal management systems.
“Concerns regarding the country’s counting challenge in mobilizing adequate revenue leading to incessant borrowings, an increasing debt profile budget deficits socio-economic decline, unemployment and widening poverty and inequality have made it imperative for a collaborate engagement of all stakeholders in fashioning out a way forward and proposing a better and more prudent management of the nation’s resources with the view to addressing micro-economic stability,” Muruako stated.
The Acting Chairman, also disclosed that the retreat will hold extensive deliberations to identify the issues and inactions that have eroded fiscal responsibility system in Nigeria and an agenda towards addressing them, particularly in the areas of compliance to the requirements of fiscal sustainability plan approved by the Federal government.
He added that the retreat will also address issues about loans to states by commercial banks.
Muruako stressed that most banks have embarked on careless loans to states without approval from the Commission as provided in the Fiscal Responsibility Act (FRA), 2007.
According to him, the retreat has been slated to hold at Garden City Hotel, 39 Tombia Street, New Government Reserved Area, Porth-Harcourt, State by 9.00aon Wednesday, 2020.
Participants at the retreat include Speakers of the States Houses of Assembly, Attorney Generals and Commissioners for Finance, Chairmen of the States Fiscal Responsibility Agencies and Civil Society Advocates