The Fiscal Responsibility Commission, a Federal Government agency tasked with promoting fiscal responsibility, accountability, and prudent management of the nation’s economy, has urged State Governments across the country to support the Federal Government’s efforts to manage the economy in a prudent, transparent, and responsible manner.
The commission suggested that states could do this by domesticating some of the reform policies and laws enacted by the Federal Government, such as the Fiscal Responsibility Act of 2017.
Victor Muruako, Executive Chairman of the Fiscal Responsibility Commission, made this call on Monday in Port Harcourt at the Financial Accountability Retreat for Sub-Nationals and Civil Societies. He also encouraged Civil Society Organizations (CSOs) to engage in advocacy for transparency, accountability, and prudent management of resources by sub-national governments.
In his welcome address at the retreat, themed “Strengthening Financial Accountability at Sub-National Levels,” the Executive Chairman emphasized that the burden of macroeconomic management cannot be left solely to the Federal Government. He stated, “Sub-national governments must play a proactive role in promoting transparency, accountability, and credibility.”
He continued, “State governments that have not yet domesticated the Fiscal Responsibility Act are encouraged to take steps to do so.”
Muruako further added, “To emphasize the importance of sub-national governments adopting best practices in fiscal responsibility, we need only look at the Revenue Allocation Formula. For every one hundred Naira (N100) that enters the federation account, the formula allocates only about half to the Federal Government, with the remaining half going to sub-national governments. This underscores the critical role of sub-national governments in ensuring the success of Nigeria’s macroeconomic management.”
“While we acknowledge the progress made by sub-national governments in recent years, there is still room for improvement. The publication of budgets, budget implementation reports, and audited financial statements is a significant step towards transparency. However, we can and must do more.”
ALSO READ:6 simple ways to protect your skin from dryness
He also highlighted the role of civil society organizations in achieving fiscal responsibility, stating that CSOs play a vital role in enhancing financial accountability by asking critical questions and promoting transparency.
Muruako stated, “We urge CSOs to engage in advocacy for transparency, accountability, and prudence in a professional manner. Section 51 of the Fiscal Responsibility Act empowers every citizen with the legal capacity to enforce the provisions of the Act through the courts. We encourage citizens to utilize this power to hold governments accountable. However, it is important to exercise this power responsibly and based on evidence.”
“We also urge state governments to view CSOs as partners in progress and collaborate with them. By working together, we can achieve greater development for our nation. Furthermore, state governments that have not yet domesticated the Fiscal Responsibility Act are encouraged to take steps to do so.”
ALSO READ:Empowerment: Kwara central senator completes training for artisans, market women
In his paper titled “Strengthening Oversight: The Role of Civil Society Organizations in Promoting Fiscal Responsibility at the Sub-National Level,” Hon. Justice Kemakolam Ojiako recommended that to strengthen the role of CSOs in promoting fiscal responsibility at the sub-national levels, “Governments at the sub-national levels should provide adequate funding and resources to CSOs working on fiscal governance issues. The legal framework should be strengthened to protect the independence and activities of CSOs, increase collaboration between CSOs, government agencies, and other stakeholders, ensure adequate and prompt public access to financial information and data, and invest in capacity-building programs for CSOs to enhance their technical expertise.”
Participants at the retreat included public finance management officials at the sub-national level, such as State Commissioners for Finance, the Accountant Generals of the states, the Auditor-Generals, civil society organizations, and other key players.
