The Senate Committee on Finance has said it would suggest to the entire Senate the amendment of the Fiscal Responsibility Act, 2007, based on the Medium Term Expenditure Framework (MTEF) report.
Chairman of the Committee, Senator Sani Musa, dropped the hint at a session with the Fiscal Responsibility Commission as part of the ongoing 2023 budget defence and 2024 budget presentation at the National Assembly.
The Chairman of the Finance Committee maintained that the Red Chamber was going to review the FRA, 2007 and look at those areas that needed to be strengthened.
He said: “We are worried everyday 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.”
He assured the Commission that the Senate was ready to create a better working environment for the Fiscal Responsibility Commission.
He also expressed the hope that the Senate Committee on Appropriation would reason with his Committee and do something about the Budget of the Commission.
In his presentation, the Chairman of the Fiscal Responsibility Commission, Barrister Victor Muruako, appealed to the Senate Committee on Finance to continue supporting the Commission in actualizing its mandate.
He declared that his Commission placed more emphasis on adequate funding in the successful implementation of the Act.
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