TheCable

The Growth Initiative for Fiscal Transparency (GIFT Nigeria) says there is an urgent need for the national assembly to pass the Fiscal Responsibility Act (FRA) amendment bill into law. 

Oke Epia, the executive director, Order Paper, said this on Saturday at a media briefing in Abuja. 

The Fiscal Responsibility Act 2007 is primarily designed to checkmate wastage and corruption.

Epia said the financial crisis faced by the country is as a result of corruption in the oil sector, which could be resolved through the passage of the amendment of the act.

“Nigeria is in a fiscal crisis because certain things are not being done right, especially in the petroleum sector which accounts for over 60 percent of revenue earnings and over 90 percent of foreign exchange due to the country,” he said.

“It is the mainstay of the economy and that is where you have the poster child of corruption in this country.”

He said the slow amendment of the fiscal responsibility act gives room for the non-remittance of revenue by the Nigerian National Petroleum Company (NNPC) and other ministries, departments and agencies (MDAs).

“On the side of public finance management, that is what we want to alert your consciousness to, so that we can mount pressure on the national assembly to pass this fiscal responsibility amendment bill, so it will help get monies that are due to government paid to the government without much ado,” he added.