‘Fiscal Responsibility Central To Economic Growth’

The Executive Chairman, Fiscal Responsibility Commission (FRC), Mr Victor Muruako, says good public procurement process and fiscal responsibility are central to sustainable economic growth. Muruako said this on Tuesday in Abuja while receiving members of the Bauchi State Public Procurement Bureau who were at the Commission on a study visit.

He was represented by Muhammed Zailani, Director of Administration and Human Resources of the commission. According to him, fiscal responsibility will also lead to improved standard of living, good governance, increased transparency and accountability, and popular participation in the management of the income and expenditure of government.

Muruako said that they would also enhance fiscal discipline, borrowing only when necessary, and promoting efficiency in the economy. He commended the Bauchi State government for appreciating the need to build on a good foundation, and to consolidate with training from relevant agencies in order to get things right.

“During this study visit, we will take you through the operations of the Fiscal Responsibility Commission. “We will expose you to the critical challenges of setting up such a very important agency within a system that obviously recognizes the need to do things right.

“This is coming at a time when the national economy is facing huge challenges arising mainly from not setting priorities right at the time it mattered most. “So, it is important that you pay attention to the classes during this exercise and ensure that you ask questions where necessary,” Muruako said.

He said that the commission was set up to provide for prudent management of the nation’s resources. The chairman said that the commission also has the mandate to ensure long term macroeconomic stability of the national economy.

“It also has to secure greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework. “The vision is to create an enduring framework for effective and transparent financial management in Nigeria in line with the renewed hope agenda of the Federal Government.

“It is also to reform the management of Nigeria’s public finances through regular monitoring of government financial activities, uncompromising investigation and public reporting, backed by a firm commitment to enforcement,” he said.