Senate to revise Fiscal Responsibility Act after 16 years

The Senate has resolved to amend the Fiscal Responsibility Act, 2007, based on the Medium Term Expenditure Framework (MTEF) report, Sixteen years into its existence.

Speaking yesterday in Abuja during the ongoing 2023 budget defence and 2024 budget presentation at the National Assembly, Chairman, Senate Committee on Finance, Senator Muhammed Sani Musa, APC, Niger East explained that the Senate was going to work on the FRA, 2007 and look at those areas that they feel they can strengthen the Commission and also look at the area of human capital because there is no way we can have Fiscal Responsibility Act, 2007.

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 her mandate, however placed more emphasis on adequate funding in the successful implementation of the Act.

The FRC is one of the most critical Agencies of Government because its role is not just to monitor the fiscal policies but also to help generate what the monetary policies can achieve.

The Senator who assured the Commission that the Senate was ready to create a better working environment for the Fiscal Responsibility Commission, said that based on the input which the Commission has already started making at the National Assembly which is yielding positive results on revenue.