The Fiscal Responsibility Commission is seeking partnership with the media and civil society groups for the passage of THE requisite amendments to its Act.
The Commission Chairman, Victor Muruako, cautioned that non passage of the proposed amendment in the life of the ninth National Assembly would continue to impact negatively on the nation’s debt profile and revenue leakages.
The Fiscal Responsibility Act of 2007 was government’s response to advice by the International Monetary Fund for a law that will assist in the stability of the National economy and secure greater accountability in its operations.
Fifteen years on, the Commission is battling to have some of the noticeable gaps in the Act filled for more efficiency.
This media parley with Civil society groups and the Media brings to the fore the urgent need to rally support for the proposed amendment to the Act before the expiration of the life of the current parliament.
And as the 2023 elections draw nearer, citizens are urged to focus on governance issues and ask questions relating to managing the nation’s resources
The Commission is at a loss as to reasons behind the non passage of the Amended Act since 2011.
It desires to have sanctions imposed on over fifty Offences stipulated by the Act
Its problems are compounded with some drawbacks in the recently enacted petroleum industry Act.
The Commission seeks further interrogation of the PIA to address ouster clauses placed on the Fiscal Responsibility Act.
It frowns at selective amendment of the Law as seen in the Finance Act 2020.
The Fiscal Responsibility Commission was established by an act of the National in 2007 and has since then been operating to ensure the blockage of leakages of revenue and ensure National Development.
Successive leadership of the Commission have overtime called for the amendment of the act establishing the commission to better responmd to contemporary challenges.
