OrderPaperToday – The bill to repeal and reenact the Fiscal responsibility Act (FRA) will give biting power to the Fiscal Responsibility Commission (FRC) in a fortified bid to stop revenue leakages in the country.
The highlights of the bill are contained in a compendium produced and published by OrderPaper Nigeria in collaboration with the FRC.
Titled, ‘Repositioning Nigeria’s fiscal firmament,’ the publication apart from the highlights of the bill, contains documented commitments from the Senate and House of Representatives to pass the bill.
Download the publication here.
Chairman, Senate Committee on Finance, Sen. Solomon Adeola and his counterpart in the House of Representatives, Mr. James Faleke, were featured among other stakeholders like the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed.
A preamble in the publication by Mr. Victor Muruako, acting chairman of the FRC, said the bill “presents some kind of silver bullets that, if faithfully implemented, can block wastages, check corruption and management of public finance in Nigeria.”
He said further that the bill blocks the loopholes of lack of offences regime and lack of funding which combine to hamper the work of the Commission in discharging its mandate.
According to him, the “lack of clear offences regime exacerbated by lack of sanctions; and inadequate funding, both critical factors that have greatly hampered implementation of the Operating Surplus measure which is one aspect of the mandates of the Commission that has added great value to governance through the generation of independent revenue to the government.”
He informed that the Commission has “caused over N1.7 trillion to be remitted to the Consolidated Revenue Fund (CRF) even with all the lapses in the Act. Yet Government has invested less than N5.8bn in the operations of the Commission since inception 11 years ago in Recurrent, Personnel and Capital costs.”
In his contribution recorded in the publication, Executive Director of OrderPaper Nigeria, Mr. Oke Epia, called on the National Assembly to pass the FRA amendment bill as a demonstration of its commitment to fix Nigeria’s fiscal challenges.