African Institute forÂ 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.
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 overemphasised.
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.