The Senate is set to amend the Fiscal Responsibility Act, 2007, based on the Medium Term Expenditure Framework (MTEF) report.
Senator Muhammed Sani Musa, the Chairman of the Senate Committee on Finance, stated this during the ongoing 2023 budget defence and 2024 budget presentation at the National Assembly.
According to Musa, the Senate was going to work on the FRA, 2007 and look at those areas that they feel they can strengthen the Commission and also look at the area of human capital because that is the only way we can have Fiscal Responsibility Act, 2007.
He said, “We are worried every day about the huge debt burden we are experiencing in Nigeria.
“We have made a law, and we must abide by those laws because most sub-national governments are not supposed to go to any bank to collect any overdraft without clearance or proof of compliance from the Fiscal Responsibility Commission.”
This is as he assured the Commission that the Senate was ready to create a better working environment for the Fiscal Responsibility Commission.
He further pointed out that based on the input which the Commission has already started making at the National Assembly which is yielding positive results on revenue.
He noted that the Red Chamber would look into that at the Committee level and make a recommendation to the Senate.
He expressed hope that the appropriation Committee would reason with them and do something about the Budget of the Commission.
In his presentation, the Chairman of the Fiscal Responsibility Commission appealed to the Senate Committee on Finance to continue supporting the Commission in Actualizing its mandate.
He placed more emphasis on adequate funding in the successful implementation of the Act.
He therefore solicited the assistance of the Senate and expressed the willingness of the Commission to ensure higher remittances of revenue by the ministries, directorates and agencies.
Muruako considered the proposal of independent revenue estimated to be N3m as an error and proposed a further increase to the sum of N20m.
He expressed optimism that this is attainable, hence their proposal should be adjusted, even as he challenged other agencies to improve on their revenue drive.
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