The Fiscal Responsibility Commission has advised governments at all levels to imbibe fiscal responsibility and efficiency in their expenditures towards economic growth and to impact positively for the well-being of the people.
A Federal Commissioner of the agency, Alhaji Zakari Mohammed Sada said that fiscal responsibility is essential to creating a better and more prosperous economy for the future generation.
Sada who is in charge of Directorate of Planning Research and Statistic of the Commission told the Economic Confidential magazine that there is the need for prudent utilisation of scarce domestic resources to priority projects and programmes. Adding that the Commission is a very important potent that can be used to catapult the Nigeria economic.
“It can help grow the Nigeria economic because it has all the requirements that state all the guidelines with which the economy can be grown.”
Alhaji Zakari Mohammed Sada; pointing out that “if really the FRC happened to have the opportunity to ensure the implementation of the Fiscal Responsibility Act (FRA), then we will be somewhere in this country because the growth will be phenomenal.”
The Commissioner explained that the Act itself is very comprehensive and has set all the guidelines, the rules and once it is implemented, “I think we are heading to a good economic growth and fiscal balance and the implementation of the Fiscal Responsibility Act in Nigeria is done in accordance with international standards.”
He noted that the Fiscal Responsibility Act (FRA) is more beneficial to the public institutions than the than the private sector. According to him the public sector is very large and drives the economy as well as the engine room for the over-all growth of the nation.
He said the Fiscal Responsibility Commission is presently more concerned with public institutions as firms in the private sector are presently regulated by some federal regulatory bodies like Central Bank of Nigeria, National Insurance Commission and Securities and Exchange Commission.
He nevertheless added that “the Commission is not focusing on local and state governments because of fiscal federalism as there are certain things that can be legislated by the federal government on behalf of the State and there are other things that only the states can legislate on them. We can only advise the States to set up their own Commission or Council to regulate their affairs like the FRC is doing at the federal level.”
The Fiscal Responsibility Commission is a body created to enthrone a regime of prudent, ethical and effective management of public monies and resources across all tiers of Government. ?