Senate to amend Fiscal Responsibility Act 16 years after enactment

The Chairman of the Senate Committee on Finance, Sani Musa, said on Monday the Red Chamber would amend the Fiscal Responsibility Act (2007) to make it more functional.

The Act established the Fiscal Responsibility Commission (FRC) which ensures that revenue policies, resource allocation, and debt management decisions are undertaken in a prudent, transparent, and timely manner.

Musa, who spoke at the ongoing 2024 budget defence by Ministries, Departments, and Agencies (MDAs) in Abuja, said the Senate would work on the Act to strengthen the commission and engender human capital development.

READ ALSO: Senate wants stricter enforcement of Fiscal Responsibility Act to control expenditures by MDAs

He said: “We are worried every day about the huge debt burden we are experiencing in Nigeria.

“We must abide by the law. Sub-national governments are not supposed to go to banks to collect overdraft without clearance or proof of compliance issued by the Fiscal Responsibility Commission.”

He expressed optimism that the Senate appropriation committee would agree with its finance counterpart on the FRC budget.

In his remark, the FRC chairman, Mr. Victor Murakor, appealed to the committee to continue to support the commission in actualising its mandate.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now