Abuja — Order Paper, one of Nigeria's foremost independent parliamentary monitoring organisations and policy think tanks, yesterday held a public dialogue between the parliament and the private sector on fiscal responsibility and debt management.
The event which took place in Abuja, meant to highlight and discuss what the current challenges are, with respect to public finance reforms and the delivery of service.
Speaking at the event, the Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, said he was convinced that the event came at the right time, considering the need for the private sector to understand and key into the ongoing fiscal reforms of the current administration.
He said that the establishment of the FRC underscored the country's commitment to fostering heightened accountability and transparency in its fiscal operations.
Towards the fulfilment of its mandate, the commission, he said, encourages, promotes, and supports conversations to promote, improve, analyse, diagnose or assess public finance management and fiscal reforms.
"The private sector is not a stranger or a bystander in public finance reforms and operations. The imperatives of government revenue, public expenditure, public debt, transparency and accountability in public finance management are not exclusive to public sector entities.
" They extend to the private sector as well, who are integral contributors to the economic growth and development of our nation. I, therefore, call on the private sector to actively engage with the public sector to uphold accountability and prudent management of public resources," he stressed.
Also speaking, the Chairman House Committee on Public Accounts Committee, Hon. Bamidele Salami, decried the practice by some private sector players who hesitate to comply with summons by the lawmakers.
He added that some private sector financial institutions, also resist the supply of records when invited by the National Assembly, but said that its actions were geared towards ensuring financially responsibility and accountability.
He argued that if Nigeria will get its public finance system right, it must be a country that respects its own laws and protects it.
In his remarks, the Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji, stated that the event aligned with NEITI's mandate to facilitate transparency and accountability mechanisms in Nigeria's oil, gas and mining sector in a manner that promotes sustainable development and benefits all Nigerians.
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The project which aims to draw in private sector engagement in public finance management, he said, is very apt and timely.
He added that NEITI contributes to building a more predictable and stable economic landscape, which is crucial for private sector growth, urging those present to use the platform to advocate for better fiscal policies that not only stabilise the economy but also create an enabling environment for private sector-led economic transformation.
Earlier in his welcoming address, the Executive Director, Order Paper, Oke Epia, said the meeting was essentially one of those collaborative meeting for government, non-state actors and civil society.
He stated that there was the need to deliberately sustain such collaborations, highlighting the organisation's Growth Initiatives for Fiscal Transparency (GIFT) project.
