The fiscal responsibility law provides for prudent management of the nation’s resources
The Fiscal Responsibility Commission on Tuesday said 29 states and the Federal Capital Territory, FCT, have been ignoring the fiscal responsibility law.
The Secretary to the Commission, Victor Muruako, said in Abuja that only seven states including Kebbi, Kwara, Taraba and Ekiti have implemented the law.
Mr. Muruako, who is also the acting Chairman of the Commission, said the states have gone ahead to set up Fiscal Responsibility Commission to enforce the law in their respective domains.
He said that the FRC was interfacing with the state commissions in the pursuit of its mandate, adding that a workshop would be organised for them in the first quarter of 2014 to build their capacities to face
The FRC boss identified another group of nine states where the law had been passed by their Houses of Assembly and signed into law, but the Commission was yet to take off.
“Why wait, sign into law, maybe a month or two or three and when you would be leaving you now set up the Commission so that it would regulate the incoming administration?” he said.
“Posterity will definitely look at you on the bright side if you have the courage to do what is right in setting up the commission and also ensure they are empowered to discharge their mandate under the various laws,” he stated.
In some other states, the fiscal responsibility bills have been passed by the Houses of Assembly, but the governors have refused to give assent to them, Mr. Muruako said.
The last group, he pointed out, comprises states where no attempt has been made by either the executive or legislative arms of government to have a fiscal responsibility law.
The fiscal responsibility regime came into force at the federal level following the signing into law of the Fiscal Responsibility Act, 2007 by late President Musa Yar’Adua.
The law provides for prudent management of the nation’s resources through greater accountability and transparency in fiscal operations, among other provisions.
The law established the Fiscal Responsibility Commission, FRC, charged with the monitoring and enforcement of the Act to promote the country’s economic objectives.