The Fiscal Responsibility Commission on Tuesday said despite its effort to expedite the nation’s macro-economic stability with only 22 per cent of states in the country adopting its laws, it has recovered over N114 billion in Operating Surplus Funds.
The acting Chairman of the FRC, Victor Chinemere Muruako, said this when he paid a courtesy visit to the Niger State Governor, Dr. Babangida Aliyu, in Minna.
Muruako said the Commission has been able to recover over N114 billion
Muruako said the Commission has steadily engaged in the physical monitoring of government projects in the six geopolitical zones as well as ensure that revenue earning agencies remit their Operating Surplus to the Consolidated Revenue fund.
He said: “As at today, only about 22 per cent of states have adopted Fiscal Responsibility laws and this is not encouraging enough considering our strength on regional governments.
“The management of public finance, especially at the federal level, is becoming increasingly rules-based rather than discretionary.
“The issuance of CBN (Central Bank of Nigeria) debt securities has been discontinued in line with the Act and some government agencies now publish their audited accounts within six months of the end of each financial year as opposed to the former practice of carrying arrears of unaudited accounts for years.
“The business of government is being carried out in less arbitrary and whimsical manner.
“In our short existence, we have been able to recover over N114 billion in Operation Surplus paid into the Consolidated Revenue Fund by MDAs and Corporations.”
Muruako said while seeking the governor’s assistance to encourage his colleagues: “The FRC has the capacity and readiness to render appropriate legal/technical assistance to as many states or local governments as would be willing to adopt fiscal responsibility legislation in their jurisdictions.
“As the Chairman of the Northern Governors Forum, we need you to use your good office to encourage your colleagues to buy into the new regime of fiscal prudence just as we are also calling on all other states of the federation to see the need to chart this new course.”
In his remarks, Aliyu said things must be done according to rules and regulations.
According to him: “When I came in by 2007, I discovered that every institution is said to collect and spend and somebody is not accounting for anything.
“We need to let people understand public finance and how they are treated.
“It is not by privacy and it is not a profit making venture.
“It is for the benefit of the public and for the interest of the public.
“Please help us even when we have gone wrong.
“People should know that there are rules and regulations in public finance.
“In fact, if you look at the Boko Haram insurgence, it is particularly corruption.
“That is why the money that was made for a particular thing cannot be there.”
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