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Reduce deficits through prudent debt management, FRC tells states

The Fiscal Responsibility Commission (FRC) has reiterated its commitment to continue to encourage governments at all levels to reduce fiscal deficits, build revenue surplus and ensure effective resource allocation and prudent debt management.

Executive Chairman of the commission, Victor Muruako, said the agency  was ready to assist the states in achieving such a target.

 

Speaking at a two-day ‘Fiscal Transparency and Accountability Sensitisation’ workshop in Lagos, Muruako appealed to states and local governments to take up the challenge of achieving the fiscal sustainability plan of the Federal Government.

 

He said: “We also wish to use this opportunity to discourage the bad habit of some sub-national governments to make loans their first and last consideration for meeting revenue shortfalls rather than considering ways of harvesting their dormant potentials for internally generated revenue (IGR).

 

“As for banks and other financial institutions that make themselves willing tools of fiscal carelessness by granting loans to some sub-national governments without regard to due process, the commission hereby reminds them that Section 45(2) in Part X of the Fiscal Responsibility Act 2007, which specifies conditions for borrowing by any government in the federation or its agencies and corporations

 

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