Raheem Akingbolu advocates the need for the governors of the 36 States of the Federation to begin domesticating fiscal responsibilities in their various states.
The FRC is central to the country’s quest for improvements in fiscal governance. In clear terms, the Commission is responsible for monitoring budget implementation in the various MDAs at both the Federal and State levels to avoid mismanagement of public funds. The commission is also responsible for ensuring that annual budgets are derived from the Medium Term Expenditure Framework prepared by the Ministry of Finance for a period of three financial years, and approved by the National Assembly.
The Fiscal Responsibility Commission has mandate under the enabling Act to: compel any person or government institution to disclose information relating to public revenues and expenditure; and cause an investigation into whether any person has violated any provisions of this Act.
So far, attempts at implementation of the FRA in Nigeria are mainly at the Federal level. Findings have so far revealed that this is grossly insufficient given that the sub-national governments control over 50 percent of nationally-shared revenue. Available data collated in 2010 indicated that only 20 out of the 36 states in the Federation had initiated the process of Fiscal Responsibility legislation.
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