13 December 2012

Nigeria: Fiscal Indiscipline - Jonathan Threatens to Deal With Offenders

President Goodluck Jonathan, yesterday, warned federal government agencies to stop flouting rules and regulations guiding fiscal discipline, particularly the deliberate act of refusing to retire their accounts or retiring it late.

Speaking during the oath taking ceremony of new commissioners of the National Population Commission (NPC) and swearing-in of two members of the Fiscal Responsibility Commission (FRC), Jonathan threatened that federal government would not spare anybody found wanting in this regard.

According to him, the current administration does not intend to withhold funds meant for agency operation that were not spent and whoever is caught in the act will be brought to book.

Jonathan said, "Let me also use this occasion to warn government agencies that, henceforth, none or late rendition of accounts or non-remittance of operating surpluses will attract the full weight of actions as prescribed by law".

He added that his administration was committed to building strong institutions, just as he urged all tiers of government in the country to work closely with the FRC, particularly the states and local governments which control over 50 per cent of federally collectible revenue.

He said, "It is also important to remind you and indeed all the other members of the commission, that our nation's economic future is directly linked to effective management of our resources. Indeed, there is an inexplicable linkage between Fiscal Responsibility and prudent financial management and the future of every nation.

"The FRC have been enlisted to serve in this commission at a time that this administration is working vigorously to ensure the prudent management of government funds.

According to him, the FRC Act was enacted to address the enormous fiscal challenges inherent in our economy. This purposeful effort was also to bring our country in line with Fiscal Responsibility standard in practice in both developed and developing economies all over the world.

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