2017 budget signing will boost the economy – FRC

The Fiscal Responsibility Commission (FRC) has commended  Acting President Yemi Osinbajo for signing the 2017 Appropriation Bill into law.

Acting Chairman, Fiscal Responsibility Commission (FRC), Victor Muruako, believes it will set the economy on a good tone.

We congratulate the Federal Government for signing the budget into law and we are very happy because it is going to set up the financial year of the country. The budget is like the lifeline of any national economy and with the signing of the budget by the Acting President today, we have set the right tone,” he noted.

Also, the country’s Economic Recovery and Growth Plan (ERGP), particularly the 2017 to 2020 plan can be said to have commenced, so it is a very welcome development.’’

Muruako also said that the commission would ensure that it carried out its functions of monitoring the implementation of the budget properly.

He added that it would also make greater efforts to ensure that funds were attracted to the Consolidated Revenue Fund (CRF).

The Fiscal Responsibility Act (FRA) 2007 was enacted to promote prudent management of the nation’s resources; ensure long term macro-economic stability and transparency in fiscal operations of the nation’s economy.

Osinbajo on Monday signed the 2017 Appropriation Bill into law, a month after it was passed by the National Assembly.

Tagged budget of recovery, it was first presented on Dec. 14, 2016, to the two chambers of the National Assembly by President Muhammadu Buhari at an estimate of N7.30 trillion.

It was, however, raised to N7.44 trillion by the lawmakers, with an increase of N143 billion.