Nigeria: Amend Fiscal Responsibility Act to Curb Fiscal Indiscipline – Stakeholders Urged NASS
Stakeholders yesterday urged the National Assembly to urgently amend the Fiscal Responsibility Act, 2007 with a view to curbing widespread fiscal indiscipline in the Ministeries, Departments and Agencies (MDAs).
Speaking at a Roundtable forum organized by The GIFT Nigeria Project held in Abuja yesterday, the stakeholders made of Non-governmental Organisations (NGOs) observed that corruption remained high in government organisations.
“We are calling on finance committees in 9th Senate, House of Representatives to as a matter of fact accelerate the amendment and passage of the FRA Act, 2007 before to wind down their sessions come 2023, this is because, there are several loopholes in the current Act that has made government vulnerable to massive looting, corruption and even freedom to borrow without necessary steps followed, there is no doubt that if they fail, there will be business as usual across the MDAS which may further worsen the rate of national development”, the Lead Gift Project Initiative, Oke Epia, said
He called for greater accountability and transparency in fiscal operations in the MDAs.
The lead regretted the lack of mechanisms for enforcement of the FRA.
He observed thst there should be punishment for infractions to serve as deterrent for failure to adhere to the provisions of the law.
In his remarks, Chairman of the Fiscal Responsibility Commission, Mr. Victor Muruako, expressed optimism that the the proposed amendment would raise government revenue.
According to him, “When amended and passed into law, citizens will know how government intends to increase remittances to government pulse especially, from the oil sector, they will be stimulated to follow up on government spending, also have the knowledge of how governments implements her projects among others, we are aware that the bill has passed the third reading down to the hearing stage, the current legislature will do Nigerians good if they can work on the bill and get it passed before their tenure lapse”.