Fiscal Responsibility paid FG N2.15 trn to consolidated fund

Fiscal Responsibility

By Tom Okpe, Abuja

The Fiscal Responsibility Commission has paid over N2.15 trillion into the Consolidated Revenue Fund of the Federal Government over the past years as Operating Surplus from Government corporations for local government leadership in the country.

Established by the Fiscal Responsibility Act (FRA) 2007 (31) and enacted on the 30th July, 2007 by the National Assembly, it was however, inaugurated by late President Umaru Musa Yar’Adua on April 4, 2009.

Chairman of the Commission, Victor Muruako while on a courtesy call to the Minister, Special Duties and Inter Governmental Affairs, George Akume in Abuja on Monday, highlighted his achievements, requesting for collaboration with the ministry to organize a National Fiscal Responsibility forum for Local Government Chairmen and Councilors.

This, he said is to inculcate in them, the principle of prudence management of resources, transparency and accountability.

He said: “With the collaboration of your Ministry which in overseeing Local Government affairs, we propose a Day National Forum to create an enabling environment and engage LGA leadership on the need to rise up to the challenge of using their position to better life, at the grassroots.

“This is because in our efforts to verify Federal Government projects around the country, we have discovered that most of these projects have been abandoned particularly when the members that sponsored them leave office or are not re-elected.

“Notably, Government spends huge sums of money on these projects and should therefore, ensure that the objectives are realized.

“The Commission will also be willing to collaborate with your Ministry in the verification and monitoring of Special Intervention Projects (SIPs) of the members of the National Assembly.

In his response, Akume expressed readiness of the Ministry to work with the Fiscal Responsibility Commission to ensure prudent and transparent management of resources by all tiers of government.

He assured that the Ministry of Special Duties would set up a technical team while Fiscal Responsibility Commission should also constitute a similar team to work together for the realization of the proposed National Fiscal Responsibility forum for Local Government Chairmen and Councilors.

“It is an Act to provide for prudent management of the nation’s resources, ensure long-term macro-economic stability of the national/subnational economy, secure greater accountability and transparency in fiscal operations within the Medium-Term Fiscal Policy Framework, and the establishment of the Fiscal Responsibility Commission to ensure the promotion and enforcement of the nation’s economic objectives; for related matters.

“Fiscal responsibility relates to Fiscal Federalism. It is the assignment of revenue and expenditure functions to the different tiers of government, namely Central, State and Local Governments in a federal system of government.

“Its the urgent need for prudent management of public resources which came into our nation’s public consciousness and became central to our economic management efforts with the enactment of the Fiscal Responsibility Act 2007,” Akume noted.

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