A Federal Government Agency, Fiscal Responsibility Commission (FRC), has urged State Governments to domesticate the Fiscal Responsibility Act of 2017 to enhance economic stability.
The agency also noted the need for states across the country to support the effort of the federal government in managing the economy transparently.
Speaking at a two-day retreat organised for Sub- Nationals and Civil Societies organised by the Commission in Port Harcourt, Executive Chairman of FSC Victor Muruako, urged the states to domesticate the reform policies and laws as passed by the federal government in the Act.
He also called on Civil Society Organisations (CSOs) to engage in advocacy for transparency, accountability and prudent management of resources by the sub-national governments.
Muruako who spoke on the theme; “Strengthening Financial Accountability at Sub-National Levels”, in his address, insisted said the burden of macroeconomic management cannot be left solely to the federal government, stressing that “Sub-national governments must play a proactive role in promoting transparency, accountability and credibility.
“State governments that have not yet domesticated the Fiscal Responsibility Act are encouraged to take steps to do so”.
He said to emphasise the importance of sub-national governments adopting best practices in fiscal responsibility, there is need for the stakeholders to deem their lights at the Revenue Allocation Formula.
Muruako highlighted the role of civil society organisations in achieving fiscal responsibility, saying that they play a vital role in enhancing financial accountability by asking critical questions and promoting transparency.
In his presentation titled: “Strengthening Oversight: The Role of Civil Society Organisations in Promoting Fiscal Responsibility at the Sub-National Level”, an Imo State judge, Justice Kemakolam Ojiako urged governments at the sub-national levels should provide adequate funding and resources to CSOs working on fiscal governance issues.
He said CSOs should continue to monitor the government to ensure that funds are used as intended, stressing that there is accountability in public financial management.
In his recommendation, Justice Ojiako said “legal framework should be strengthened to protect the independence and activities of CSO, increased collaboration between CSO, government agencies and other stakeholders”.
He added that promoting fiscal responsibility at the subnational level in the country will ensure sustainable development and equitable distribution of resources.
