African Institute for Applied Economics (AIAE) has challenged government at various levels to adhere to the contents of the Fiscal Responsibility Act 2007 (FRA) in order to get rid of the corruption which has eaten deep into the fabric of the nationâ€™s economy life.
This was the position of the Institute after a policy seminar it organised on the Fiscal Responsibility Act with the theme, â€œProgress and Implementation Challenges of Fiscal Responsibility Act 2007â€, where stakeholders brain stormed on how to make the Act work.
The seminar was attended by Non Governmental Organisations (NGOs), chairman of Fiscal Responsibility Commission (FRC) Alhaji (Dr.)Aliyu Jibril Yelwa and Honourable Eseme Eyibo, member of the Federal House of Representatives and Chairman, House Committee on Media and Publicity who chaired the occasion.
According to Executive Director, Professor Eric Eboh, governmentâ€™s fiscal and budget system is a powerful mechanism for driving productivity, growth and prosperity and therefore fiscal responsibility, accountability and transparency in Nigeria cannot be overemphasized.
â€œMore importantly, fiscal responsibility at the State and Local governments is crucial for the effective production and delivery of public goods and services.
In spite of this reality, the Fiscal Responsibility Act is yet to be replicated or domesticated at the State level. At the Federal level where there is Fiscal Responsibility Act, it is imperative to improve its effectiveness and impact. These circumstances underscore the critical role of the Fiscal Responsibility Commission (FRC) and the need for stakeholders to support the Commission,â€ he said.