Macroeconomic management dependent on states, councils – FRC chairman

Macroeconomic management dependent on states, councils – FRC chairman

The commitment of states and local government councils will enhance macroeconomic management in Nigeria, Mr Victor Muruako, Chairman, Fiscal Responsibility Commission (FRC), said in Abuja on Monday.

Microeconomics is the branch of economics that deals with large-scale or general economic factors such as interest rates and national productivity.

Muruako said at the opening of a five-day study visit of members of the Benue State FRC that fiscal responsibility should not be seen as the responsibility of the Federal Government alone, but as a collective effort by the three tiers of government.

“The collective fiscal activities of states and local councils outweigh those of the Federal Government.

“Hence, to work hard at controlling unemployment, inflation, security, transparency, accountability, sustainability and macroeconomic stability without a commensurate commitment of states and local governments is like mopping the floor with the tap running.’,’’ he said.

He added that the enactment of the Fiscal Responsibility Act (FRA) in 2007 and the establishment of the FRC in 2008 had enabled the payment of N2.15 trillion as operating surplus into the Consolidated Revenue Fund of the Federal Government.

He said that records indicated that more than N1.2 trillion was still unremitted by Ministries, Departments and Agencies of the Federal Government.

He also assured that the commission was committed to partnering with states and local councils to strengthen the fiscal responsibility ecosystem in Nigeria.

Muruako appealed to states legislatures and governors that had not concluded the process of enactment of fiscal responsibility laws and establishment of independent FRCs to do so immediately.

He commended the Benue State government for enacting the fiscal responsibility law and for establishing the state’s FRC and assured the participants of getting all they required to start up the state’s commission on a strong footing.

Mr Igyuse Yahuza, Acting Chairman, FRC in Benue, said the commission’s visit was to understudy the operations of the FRC to guide it in serving the people of the state better.

He added that the collaborative efforts of FRC and other sister agencies to ensure fiscal accountability, transparency and stamp out corruption was commendable.

Benue State governor, Samuel Ortom, assented to the Bill to enact the state’s FRC on Aug. 6, 2020.

The Federal Government established the FRC to provide for prudent management of the nation’s resources.

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