19 April 2021 By Aisha Adesanya
The National Assembly has been urged to strengthen the Fiscal Responsibility Act for effective, transparent and accountable Government financial management.
The Chairman Fiscal Responsibility Commission FRC Victor Muruako made the call while addressing newsmen at the National Assembly in commemoration of this year’s Nigeria Open Government partnership week.
According to him there is need to amend the Fiscal Responsibility Act 2007 to close the existing loopholes in the legislature to strengthen Nigeria’s economy.
The FRC boss also stressed the need for Nigerians to be interested in the details of the Medium Term Expenditure Framework MTEF as this forms the basis for budgetary allocations of all Ministries, Departments and Agencies of Government.
The Chairman who frowned at MDA’s failure to associate their budgets with MTEF, said over sixty percent of government agencies have persisted in defaulting and practically kept monies away from the federal government’s reach for funding of the Nation’s budget.