Fiscal Responsibility Commission (FRC), yesterday, warned that a persistent lack of accountability was stifling efforts to democratise fiscal processes in Nigeria.
It also advocated a common code of prudence, transparency, and accountability to address the challenges effectively.
The Executive Chairman of FRC, Victor Muruako, spoke in Abuja, during a two-day sensitisation retreat held in Abuja for stakeholders from the Northcentral region, emphasising the critical role of transparency and accountability in fostering sustainable development at sub-national levels.
The retreat, themed “The Impact of Transparency and Accountability on Sub-National Development in North Central Nigeria,” brought together policymakers, government officials and civil society leaders.
He noted that the retreat aimed at providing an opportunity for stakeholders to engage in dialogue on best practices for enhancing financial governance, addressing challenges, and ensuring that public funds were managed, responsibly, to support long-term growth in the region.
Muruako said: “Challenges, such as corruption, inefficiency and lack of accountability continue to hinder our progress in the area of democratising our fiscal processes. To address these challenges, we must prioritise transparency and accountability in public finance management.”
He emphasised the importance of sub-national governments in Nigeria’s fiscal framework, noting that states received approximately half of the nation’s shareable revenue and had constitutional freedom to manage these resources independently, including their Internally Generated Revenue (IGR).
In his remarks, Clerk of the Committee on Finance in the House of Representatives, Oscar Okoro, said fiscal responsibility has the potential to drive the national economy.
“There’s a need for increased sensitisation to help states recognise the benefits of fiscal responsibility. Fiscal responsibility entails transparency, accountability, and prudent resource management.
“In our federal system, it’s challenging for the Federal Government to enforce laws on states. However, laws, like the Public Procurement Act and fiscal responsibility legislation, are crucial for economic development,” he said.
