The Fiscal Responsibility Commission (FRC), has urged the National Assembly (NASS) to amend its Act for improved monitoring of expenditure of government Ministries, Departments and Agencies (MDAs).
Speaking during an interactive section with the Senate Committee on Finance in Abuja, the Chairman of the Commission, Mr. Victor Muruakor, said FRC would continue to provide contribution and support as part of the economic team of the Federal Government.
“The rule is that the act also mandates MDAs to have their budget, but they must not spend beyond their budget, and that is where it looks like the FRC is castrated.
“Because the act did not provide for punishment on what should be done when you spend outside your budget. We keep writing front and back and it looks as if we cannot do anything and because the act is a lame duck and that is why we call on the parliament.
“I am very happy that the chairman made mention that the legislature will take positive legislative actions to support,” he said.
Mr. Muruakor said the amendment of FRC act would strengthen its performance.
“Amending it by providing for punishment for instance, if an agency sees funds that they don’t need, most time they still spend it.
“Because it is within their powers and most times they come back to this parliament for a retroactive approval.
“We have to restrict agencies to spend within their approved budget. If we do that, we provide sanctions, punishment on who violates the FRC,” he said.
The Fiscal Responsibility Commission (FRC) was established by the Fiscal Responsibility Act, 2007, to monitor and enforce the provisions of the Act, which provides for the prudent management of the nation’s resources.
Also speaking, the Managing Director, Nigeria Security Printing and Minting (NSPM), Mr. Ahmed Halilu, said the Central Bank of Nigeria (CBN) did not outsource printing of currencies to companies outside Nigeria.
He said the NSPM had been responsible for the printing of the nation’s currency, faulting claims that it had been printed outside the country.
The Chairman of the Committee, Senator Sani Musa urged the NSPM boss to make available details of printing of currency by the organization in the last two years.
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