The Chairman, Fiscal Responsibility Commission (FRC), Victor Muruako, says that many states have yet to implement the Fiscal Responsibility Act.
Mr Muruako, during an interview on Sunday in Abuja, said some states had passed the law but were yet to set up a fiscal responsibility agency.
“For some states, their governors have not signed the law, some that have signed it into law are yet to set up the agencies, so as we speak, it’s a work in progress,” he said.
He said the domestication of the Fiscal Responsibility Act was necessary to promote prudence in the management of resources in states.
“When the need arose for the federal government to bail out states, there was an agreement of two conditions that must be met, part of which is the need for the sub-nationals to engage in reforms; one of the reforms is to pass the fiscal responsibility law, Audit law and Procurement law at their level,” he said.
Mr Muruako commended the Nigerian Governors Forum for creating an enabling platform for peer review at sub-nationals.
He said that the commission was engaging the forum to ensure that all states adopt and implement the fiscal act. “The forum has been a veritable forum to assist, and they have done a lot to ensure that states engage in reforms,” he said. (NAN)
When the need arose for the federal government to bail out states, there was an agreement of two conditions that must be met, part of which is the need for the sub-nationals to engage in reforms; one of the reforms is to pass the fiscal responsibility law, Audit law and Procurement law at their level.
