The Executive Chairman of the Fiscal Responsibility Commission, Victor Muruako, on Thursday, identified corruption and lack of accountability as the two biggest challenges plaguing the country.
According to him, unless elected officials and public officeholders make a conscious effort to eliminate these issues, they will continue to hamper the nation’s growth and deter foreign investors.
The FRC boss made this disclosure in Abuja at a two-day retreat on the ‘Awareness and Sensitisation Programme on Transparency and Accountability for Subnationals in North Central Nigeria.’
He said, “Corruption and lack of accountability are the biggest challenges in Nigeria’s democracy. When governments are transparent and accountable, they can deliver public services more efficiently, effectively, and equitably. This, in turn, leads to improved living standards for our citizens.
“To address these challenges, it is imperative that we prioritise transparency and accountability in public finance management. By promoting these values, we can achieve economic growth and attract foreign investment through a better business environment. It is significant that we are making progress.”
Continuing, Muruako appealed to state governors to build public trust by being transparent in their dealings.
He further encouraged them to ensure that the recent local government autonomy granted by the Supreme Court succeeds so that people at the grassroots can experience the dividends of democracy.
“Subnational governments play a crucial role in Nigeria’s fiscal responsibility architecture. They are closer to the people and have a better understanding of local needs and priorities.
“It is important to note that they receive roughly half of the Federation’s shareable revenue and enjoy full discretion to appropriate 100 per cent of this statutory allocation, as well as their own Internally Generated Revenue, as they see fit.
“We urge subnational governments to support the autonomy of local government administration so that it can operate freely, just as the Federal Government allows states to operate freely. We need to support Mr President’s efforts to get this right. People should have the right to assess whether their local government chairman is performing well,” he urged.
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Dr Musa Aliyu, also shared his perspective.
Aliyu, represented by the commission’s Assistant Director in charge of System Study and Review, Mutiat Musa, noted that corruption is not limited to the misappropriation of public funds.
He said, “The ICPC, as we know, has a core mandate that includes investigation and prosecution. We are also responsible for educating and enlightening the public on the need to avoid corruption. Often, we think of corruption as only bribery or financial misconduct, but it goes beyond that.
“Violating rules, standards, and regulations for personal benefit is also corruption. These are illegitimate gains. In line with the Fiscal Responsibility Commission’s mandate, where agencies are expected to remit surplus to the Federal Government’s coffers, we find that many agencies fail to do so.
“At year-end, you often hear statements like ‘We didn’t record any surplus’ or ‘The funds are insufficient for our projects.’ However, whatever funds have been provided must be used effectively and accounted for. The resources may not be sufficient for all, but the little that the government provides must be properly managed.”
Earlier in his address, the Clerk of the House Committee on Finance, Oscar Okoro, echoed the FRC’s stance on the importance of fiscal responsibility for Nigeria’s development.
Okoro also advised agencies and ministries in the country to resist the temptation to engage in corruption if they hope to move the nation forward.
“We don’t need to look far to see that the biggest issue in the country, whether it’s corruption or capacity, can be addressed through fiscal responsibility.
“So Nigeria, as a nation, should take this project very seriously. It is encouraging that the commission is appealing to everyone on the importance of fiscal responsibility,” he stated.