RoLAC supports National Summit on Fiscal Responsibility to strengthen Nigeria's fiscal framework

The summit brought together key stakeholders to review the state of fiscal responsibility in Nigeria and explore ways to optimize the implementation of fiscal laws and processes across national and sub-national levels.

With the theme “Building A Resilient Fiscal Framework: A Collaborative Approach,” the event provided a platform for government officials, regulatory agencies, and civil society organisations to assess how fiscal responsibility laws are applied, monitored, and enforced. The Fiscal Responsibility Act (FRA), enacted in 2007, was central to discussions, as it provides the framework for prudent management of resources, accountability, and transparency in Nigeria's fiscal operations. The summit also examined the enforcement of state-level fiscal responsibility laws and the role of state commissions in ensuring compliance.

A key highlight of the event was the validation of the Proof of Compliance Guidelines, developed by the FRC to streamline public borrowing processes and ensure adherence to fiscal standards, particularly at the sub-national level. Stakeholders also engaged in peer learning, exchanging best practices for improving fiscal prudence and enhancing collaboration among fiscal responsibility agencies.

In his remarks, the Secretary to the Government of the Federation, represented by Dr. Olusegun Adekunle, reaffirmed the Federal Government’s commitment to fiscal transparency and good governance. He called for strengthened enforcement of fiscal responsibility policies across all levels of government.

Victor Muruako, Chairman of the FRC, emphasised the importance of collaboration between national and state institutions to ensure uniformity in fiscal practices. He also stressed the need to amend the Fiscal Responsibility Act to include more precise definitions of offences and sanctions, expressing optimism that these amendments would be finalized by the 10th National Assembly.

The summit concluded with a renewed commitment from all stakeholders to promote fiscal transparency, improve governance, and strengthen Nigeria’s fiscal framework.