The Senate at its plenary session on Thursday, 6 February 2020 passed a Bill seeking to repeal and re-enact the Fiscal Responsibility Act, 2007 for second reading.
The Bill which is sponsored by Sen. Aisha Ahmed Dahiru (APC: Adamawa) seeks to:
- Provide for the prudent management of national resources;
- Ensure economic stability;
- Promote transparency and accountability in Nigeria’s fiscal operations; and
- Establish a Fiscal Responsibility Commission
Leading the debate on the Bill, Sen. Dahiru informed lawmakers that the Bill was intended to curb financial fraud and wastages within Ministries, Departments and Agencies (MDAs) to ensure more effective and efficient delivery of public services. She also noted that the administrative functions of the Fiscal Responsibility Commission (FRC) were limited due to the absence of a legal framework to back its operations.
Sen. Dahiru mentioned that the Bill, if passed, will expand the functions and powers of the FRC; ensure adequate funding/increased budgetary allocations to the Commission; ensure the remittance of operating surplus by MDAs; ensure enforcement of penalties and establish the Fiscal Responsibility Council.
The Bill which was unanimously adopted by lawmakers has been referred to the Committee on Finance for further legislative scrutiny.