Concerned experts across the nation’s economy have restated the need to expedite action on the passage of the bill seeking the amendment of the Fiscal Responsibility Act (2007), saying further delay will continue to expose ministries, departments and agencies (MDAs) to fiscal rascality.
They made the request, yesterday, at a policy forum organised by The GIFT Nigeria Project held in Abuja.
The Fiscal Responsibility Act (FRA] seeks to provide for prudent management of the country’s resources, ensure long-term macro-economic stability, secure higher accountability and transparency in fiscal operations within a Medium-Term Fiscal Policy Framework (MTEF) with the Fiscal Responsibility Commission (FRC) established as the custodian of the act.
Addressing the forum, The Gift Nigeria Project Lead, Oke Epia, the FRC which was established pursuant to the FRA faces some challenges that have significantly stalled the successful implementation of the FRA.
He said: “These gaps are summarized largely by a lack of mechanisms for enforcement of the law, especially in terms of punishment for default and violation. Without the powers to impose and enforce some form of sanctions on public entities and individuals that deliberately fail to comply with the FRA as enunciated by the statutory guidelines of the FRC, the Commission is seen as a toothless bulldog whose stipulations can be neglected without consequences.”
He noted that the necessary steps put in place by the act are not also being adhered to by agencies of government, which has led to fiscal indiscipline and massive looting of the country’s treasury by heads of the agencies.
The FRC Chairman, Victor Muruako, said the gaps could easily be addressed if the amendment bill is passed by the current parliament.
“When amended and passed into law, citizens will know how the government intends to increase remittances to government pulse especially, from the oil sector.
They will be stimulated to follow up on government spending; they will know how the government implements its projects. We are aware that the bill has passed the third reading and is now in the hearing stage. The current legislature will do Nigerians good if it can work on the bill and get it passed before its tenure lapses,” he said.
