Fiscal Responsibility Commission Sets to Enforce Standard
THE Fiscal Responsibility Commission (FRC) is set assist the public service set required standard by streamlining its compliance, accounting and reporting system in line with the provisions of the Fiscal Responsibility Act of 2007.
To this end, the commission has flagged off meeting with strategic stakeholders and government agencies listed for its supervision under the Act setting it up.
Fiscal Responsibility Commission was recently inaugurated by the presidency and part of its mandate is to ensure prudent management of the nation’s resources. The Commission also has the mandate to secure greater accountability and transparency in Fiscal operations within the Medium Term Fiscal Policy framework. Alhaji Aliyu Yelwa, chairman of FRC, said the interactive session has become necessary as a result of poor quality of report being submitted to the commission by various government agencies.
Yelwa, who spoke at a meeting with top management of the Nigeria Customs Service (NCS), noted that over 75 per cent of annual reports, approved budgets and audited accounts of these agencies submitted for verification by the commission were not satisfactory.
He noted that the commission initiated the interactive session with the relevant government agencies to enable them properly understand what is required of them under the Fiscal Responsibility Act. He further noted that the Act would serve to strengthen the operations of various government agencies and make them more responsive to the Nigerian public through the preparation of the medium term expenditure framework.