Director calls for amendment to Fiscal Responsibility Act

Director, Centre for Social Justice, has called for the amendment of the Fiscal Responsibility Act to enable it to improve its  functionality and set the right structures.

Onyekpere made the call in Abuja on Wednesday at a stakeholders’ forum on reducing the cost of governance.

He made the suggestion in a paper,  ‘’Strengthening the Fiscal Responsibility Act for maximum impact in the fight against corruption and corrupt practices in Nigeria’’.

According to Onyekpere, if the act is amended, it will enable the commission to have evidence led economic planning and budgeting as well as improved prudence in the management of federal resources.

He said that there should be a full definition of the compulsive powers of the Fiscal Responsibility Commission to include power to request and demand information.

Others are powers to cause statements to be made on oath, power to search, enter premises, seize documentation and real evidence and arrest in execution of parte orders.

“The commission should also have powers to prosecute offenders who run afoul of its provisions without reference or needing the authorisation of the Attorney-General.

“This may require a constitutional amendment.’’

He also recommended that the commission be remodelled as a bureau or agency with a director-general who would be the chief executive and work with other directors.

Onyekpere said such would improve the functionality of the commission to achieve its objectives.

He described the current structure of the organisation as  unwieldy.

“The amendment should restrict removal of the DG or commissioners (if we continue as a Commission) by the president only to when he is acting on an address supported by two thirds majority of the Senate,’’ he said

Onyekpere added that the sections of the act dealing with the Medium Term Expenditure Framework (MJTEF) were silent on the Medium Term Sector Strategies.

He suggested that clear provisions be made for the preparation of MTSS by all ministries, departments and agencies as a prelude to the MTEF.

Meanwhile, Mr Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange (NSE), said  the capital market was necessary to mobilise funds for economic growth.

Represented by Mr Jero Waziri, Director in NSE, Onyema  said: “The capital market provides equity capital and infrastructure development capital that has strong socio-economic benefits.’’

He said the capital market promoted public-private sector partnerships in the productive sector and should be encouraged.