The Fiscal Responsibility Commission (FRC) has completed its preparations for a stakeholder dialogue focused on the implementation of sections of the Fiscal Responsibility Act pertaining to lending by banks to governments and public institutions in the Federation.
Scheduled for this weekend in Lagos, the event will convene a diverse group of stakeholders, including banking institutions, government representatives, economists, academics and fiscal governance experts.
According to Bede Anyanwu, the head of strategic communications at the commission, the Fiscal Responsibility Act 2007 (FRA) serves as Nigeria’s primary legal framework for promoting, monitoring and enforcing fiscal discipline and accountability in public finance management. The FRA stipulates that lending by banks to governments or their agencies that contravenes certain provisions of the Act is unlawful. Therefore, the commission aims to use the stakeholder dialogue to draw stakeholders’ attention to this Act provision and foster agreement on measures to enhance compliance, ultimately improving the nation’s debt management practices.