By Vivian Emoni
The Fiscal Responsibility Commission (FRC) says it is strengthening collaboration
with regulatory and anti-corruption agencies to address violation of fiscal laws for
accountability.
Mr Charles Abana, Acting Chairman of the commission, said this on Monday in
Abuja.
Abana said that inter-agency collaboration remained critical to tackling corruption
and enforcing fiscal discipline, adding that the Fiscal Responsibility Act was
designed to reduce opportunities for corruption while preventive measures were
the primary objective of the law to promote transparency.
“Some individuals still exploit weaknesses within public systems for personal
gains. The commission’s enabling law is undergoing amendment at the National
Assembly,” he said.
Abana expressed optimism that the amendment process would be concluded in due
course.
He said that the commission would continue to rely on collaboration with other
agencies pending the amendment as such partnership enables authorities to hold
offenders accountable and significantly strengthen enforcement efforts.
The chairman explained that violations under the agency’s law could also relate to
fiscal responsibility offences.
“The commission is also collaborating with relevant institutions, which had already
amended their law, to develop a framework for joint enforcement actions.
“Offenders could be sanctioned under existing laws where applicable. The efforts
will help close enforcement gaps pending amendments to the Fiscal Responsibility
Act,’’ he said, noting that collaboration had become an effective tool for promoting
compliance adding that stronger cooperation would improve accountability in
public finance management.
He expressed the commitment of the commission to strengthen institutional
partnerships to deter misconduct as well as encourage prudent use of public
resources for effective fiscal governance, adding that fiscal discipline was essential
for sustainable economic growth and effective debt management while checking
inflationary pressures.
Abana appealed to government at all levels to embrace prudent spending and
transparency in managing public resources, adding that the FRC remained
concerned about the cost of governance in Nigeria.
According to him, the commission monitors compliance with fiscal responsibility
provisions by government institutions, organises workshops and stakeholder
engagements on reducing public expenditure.
“The commission is statutorily empowered to monitor, review and evaluate the
audited financial statements of Ministries, Departments, and Agencies (MDAs), to
promote transparency and accountability.
“It also assists states and local governments to strengthen fiscal responsibility
frameworks and provides technical support to sub-national governments where
necessary,” he said.
The chairman emphasised the need for all tiers of government to adopt sound fiscal
practices, reaffirming the commission’s commitment in promoting transparency,
prudent spending and sustainable debt management in Nigeria.
