FRC Harps On Effective Management of Debts In States

Oru Leonard 

FRC Boss, Victor Muruako Esq. has advised the States of the Federation to effectively manage their debt profile for the economic well-being of Nigeria.

He made these remarks recently while delivering his welcome address at the ongoing financial accountability sensitisation retreat for sub-nationals and civil societies held in Port Harcourt Rivers State.

Muruako pointed out that every loan contracted by a state government contributes to the overall national debt stock, especially the fiscal risks while urging the sub-national to prioritise improving their fiscal hygiene.

He encouraged state governments and their agencies to continue striving for probity, accountability, prudence and revenue generation, emphasising financial and ability as the cornerstone of transparency and responsible management of public funds.

The Chairman highlighted the key role of the Civil Society Organisations, in ensuring financial accountability by asking critical questions and promoting transparency.

He enjoined Nigerians to take the advantage given to them by section 51 of the Fiscal Responsibility Act, which empowers every citizen w, with the legal capacity to enforce the provisions of the Act through the courts, thereby holding the government accountable.

Muruako stressed the need for states to collaborate with the CSOs for the good of our country while appealing to the former that have not yet domesticated the Fiscal Responsibility Law to take steps in that direction.

In his opening paper titled “Strengthening Oversight: The Role of Civil Society Organisations in Promoting Fiscal Responsibility at the Sub-National”.Hon. Justice. Kemokalam Anthony Ojiako enumerated the crucial role the CSOs play in the promotion of fiscal responsibility at sub-national and national levels, saying that they contribute in, no small measure, to the sustainable development and equitable distribution of resources, especially in the area of Acco, an unstable and responsive public sector that is committed to the need dozens.

The second paper of the Retreat which focused on “Unbundling Nigeria’s Fiscal Responsibility Act and the Role of the Fiscal Responsibility Commission” delivered by a Financial Economist, Chris Uwadoka gave the reasons for the advice of Fiscal Responsibility Act noting that for the first time, the Act links the fiscal effort, ts of the Federal government and the economic objectives of Nigeria mentioned in section 16 of the 1999 Constitution with public expenditure, public revenue, public debt and other fiscal parameters.

He canvassed for strengthening FRC’s institutional capacity, enhancing public awareness and participation, aligning the FRA with international best practices, addressing the challenges of revenue diversification, increasing sub-national adoption of Fiscal Responsibility Law as well as improving citizens, and fiscal noncitizens

In her paper titled “ Deepening Budget Transparency: Moving Beyond Compliance to Meaningful Citizens Engagement” Mrs Victoria Adiwu-Angakuru, a Chartered Accountant and Head of, the Operating Surplus Unit, FRC of the used on deepening budget transparency and how its triple elements of openness, participation and monitoring are all important to spark citizens’ interest in the budgeting process.

She pointed out that for the budget to be transparent, the government must shy away from overlooking, ignoring and disregarding constructive critical voices, noting that creating opportunities ties for all members of a group or citizens to express their views, needs, concerns, and priorities is a cornerstone,e of effective budget transparency.

According to her, citizens’ engagement promotes transparency, accountability and trust in government spending.

Adiwu highlighted the responsibility of aligning the inputs of the budgets with the needs of the citizens, which has negatively affected impactful development over the years in Nigeria, saying the solution is meaningful citizen engagement, which will align the budget with the needs of the people.

(FRC Media)