Fiscal Responsibility Commission to engage stakeholders on implementation of FRA


The Fiscal Responsibility Commission (FRC) said it will hold a Stakeholders dialogue, on the implementation of sections of the Fiscal Responsibility Act that relates to lending by banks to governments and public institutions.

Mr Bede Anyanwu, FRC’s Head of Strategic Communications who stated this is in a statement on Wednesday in Abuja, said the event would hold in Lagos on Saturday.

Anyanwu said that the event is expected to bring together a diverse group of stakeholders including banking institutions, government representatives, economists, academics and experts in fiscal governance.

He said that the Fiscal Responsibility Act 2007 (FRA), was Nigeria’s foremost legal framework for the promotion, monitoring and enforcement of fiscal discipline in the federation.

He said that the FRA stipulates that lending by banks to governments or their agencies in contravention of certain provisions of the Act shall be unlawful.

“Hence, the commission aims at using the Stakeholder Dialogue to refresh the attention of stakeholders to this provision of the Act.

“It also seeks to engender stakeholder agreement on ways to enhance compliance, and thereby improve the nation’s debt management practices,” Anyanwu said.

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