Economy
THE Fiscal Responsibility Commission (FRC) on Tuesday tasked states in the South-South to improve in the areas of Internally Generated Revenue (IGR), capital expenditure and fiscal sustainability.
This appeal was made in an address by the Executive Chairman of FRC, Mr Victor Muruako, during a three day sensitisation workshop in Calabar.
The theme was “sustaining the gains of fiscal transparency and accountability in states”.
In the programme meant for South-South states, Muruako said the commission was elated that all states in the geopolitical zone had their annual budget and audited financial statements published online in time and according to specifications.
The chairman said the development was pleasing because it meant the efforts of the commission for over a decade to get states and local government areas to involve their citizens in monitoring their budget was yielding fruits.
He expressed the hoping that states and LGAs would voluntarily continue in fiscal prudence and accountability after the State Fiscal Transparency, Accountability and Sustainability (SEFTAS) intervention elapsed.
He urged the zone to improve on some key areas.
“The South South geopolitical zone, as of Dec. 31, 2021 reveals a total domestic debt of N988.06 billion and total foreign debt of 873.3 million dollars.
“A deeper look indicates an IGR per capita of N8,907; total debt per capita of N44,333; and capital expenditure per capita N26,499.
“It is clear that with a population of over 33 million people, which is larger than the population of Ghana at 31.73 million, the region is punching below its strategic capabilities in key areas like IGR and capital expenditure,” he said.
He added that while the commission aimed to improve good fiscal practices between the federal and subnational governments, fiscal prudence, transparency and citizen
involvement correlated to economic development and political stability.
Similarly, the Auditor General of Cross River, Mr John Odey, said it was important at this time in the nation that all Nigerians become accountable for what we do.
Odey appealed to accountants to critically look at the books and ensure accountability and probity while calling on his fellow auditors to serve as watchdogs in ensuring that mismanagement of resources was curbed.
On his part, Mr Danladi Daniel, representative of the Economic and Financial Crimes Commission (EFCC), Cross River and Akwa Ibom Office, said the training was to inculcate the attitude of prudent management of the nation’s resources.
Daniel said the workshop would also help to create a synergy between government and all stakeholders and also close gaps of revenue leakages.
He added that they would partner with all agencies of government to ensure effective utilisation of resources for the benefit of every Nigerian.
The News Agency of Nigeria (NAN) reports that the workshop will witness paper presentation on various topics, including: Strengthening Fiscal Management at the state level through Fiscal Responsibility Laws. (NAN)
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Tags: Danladi Daniel John Odey Victor Muruako
