NewsFRC boss urges states to adopt Fiscal Responsibility Law

March 25, 2022by admin0

The Chairman of the Fiscal Responsibility Commission, Victor Muruako, has called on the federating states to domesticate the Fiscal Responsibility Law.

Speaking with the News Agency of Nigeria on Wednesday in Abuja, Muruako noted that it became imperative to adopt this policy in order to consolidate the sterling principles of accountability and transparency in fiscal operations, and within a viable framework.

The Fiscal Responsibility Act 2007 is primarily designed to checkmate wastages and corruption, whilst ensuring accountability in the management of public finance.

Muruako, who cited the adoption of the policy in Sokoto, following its safe passage into law in 2020, also disclosed the commission’s readiness in providing technical assistance to the federating states, who had been properly engaged on the necessity of incorporating the fiscal responsibility policy into state laws.

He, however, expressed concern over the non-establishment of fiscal responsibility agencies in some states that have adopted the law, claiming the commission would not take a chill pill on pressing further to see to a streamlined fulfilment of this propitious policy in the interest of national financial security.

“We will keep encouraging them, we will keep running after them and we will keep reaching out.

“It is enlightenment, it is sensitization, we will keep talking to the citizens of the states, particularly their parliaments to also come about it.

“You know in fiscal federalism you can’t whip anybody into line unless if you are using the carrot and stick, which is what the Federal Government has been doing,’’ Muruako stated.

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