The Fiscal Responsibility Commission (FRC) has urged the National Assembly to amend its act for improved monitoring of expenditure of government Ministries, Departments and Agencies (MDAs).
The Chairman, FRC, Mr Victor Muruakor, said this in Abuja on Wednesday, at an interactive session with members of Senate Committee on Finance.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.“Am very happy that the chairman made mention that the legislature will take positive legislative actions to support,” he said.Muruakor said the amendment of FRA act would strengthen it to perform its duties.
“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 FRA,” he said.
Also speaking, the Managing Director, Nigeria Security Printing and Minting (NSPM), Mr Ahmed Halilu said that the Central Bank of Nigeria (CBN) did not outsourced 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.
Thr Chairman of the Committee, Sen.Sani Musa urged the NSPM boss to make available details of printing of currency by the organization in the last two years.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun said government had introduced reforms on granting of waivers on goods.
” Customs duty waivers, of course there have to be incentives for production, tax incentives, incentives in the oil and gas industry which has been physical Incentives, that have Just been revamped to encourage production.
“There are waivers on Customs duties running into trillions.
“There are some who point out that the waivers that are actually issued running into trillions, only 15 per cent can be measured, so there is cloudyness, opaqueness and element of uncertainty about how the whole regime worked and there is no reason why the country will be lossing.
“And we are going to do away with the existing system, the waivers system will be automated.
“Which means you apply for your duty waiver and it is processed online and then sent to Customs and they see that they don’t have to charge you.
“Without changing law,the system can be rejigged , the rule says there is a duty wavier, ”the minister said.(NAN)
