Fiscal Responsibility Commission Harps on Prudent Debt Management

Hammed Shittu in Ilorin

The Fiscal Responsibility Commission, has urged governments at all levels to halt excessive borrowing but  instead focus on internal fiscal reforms to execute it’s programs and policy.

Speaking in Ilorin, Kwara State, yesterday, the Head of the Directorate of Legal Investigation and Enforcement Charles Abana, stated that the development would go a long way in accelerating socio-economic and developmental projects in the country.

Abana, who spoke on the sideline of a one-day media-civil society roundtable on fiscal responsibility and debt management organised by the Order Paper Advocacy Initiative, emphasised  the adverse effects of the country’s current debt burden with 90 per cent of revenue being used for debt service.

He said such actions hampers developmental initiatives and the citizens would bear the brunt.

He stressed the need to align recurrent and capital expenditures, advocating for a balance or even higher allocation to capital projects.

Abana, also urged state governors to strictly adhere to the provisions of the Fiscal Responsibility Act to ensure responsible financial management.

Earlier in his remarks, the Executive Director of Order Paper Advocacy Initiative, Oke Epia, said the roundtable, aimed to foster collaboration between the media and civil society to advocate for fiscal reforms in Kwara State and nationally.

He explained that the roundtable sought to build sustainable synergies for promoting fiscal prudence, particularly relevant as the 2024 budget is under consideration.

Epia, who contextualised the roundtable within the ongoing dialogue on fiscal responsibility, emphasising the importance of addressing the state’s debt levels, revenue mobilisation, and remittance gaps.

“With the 2024 budget in focus, participants aimed to share perspectives and ideas on promoting fiscal prudence, aligning with citizens’ interests as Governor Abdulrahman Abdulrasaq’s administration begins its second tenure.

“The discussions are crucial as stakeholders seek sustainable solutions to the pressing fiscal challenges facing Kwara State and the nation at large,” he added.

Representative of the State Fiscal Responsibility,  civil society organisations and the media were all in attendance at the event.