By Dare Akogun
The Fiscal Responsibility Commission, has urged government at all levels to halt excessive borrowing and instead focus on internal fiscal reforms to execute it’s programs and policy .
Head of the Directorate of Legal Investigation and Enforcement Charles Abana, make the call at a one-day media-civil society roundtable on fiscal responsibility and debt management held on Tuesday in Ilorin, the Kwara state capital organised by the Order Paper Advocacy Initiative.
Abana while emphasizing the adverse effects of the country’s current debt burden, with 90% of revenue being used for debt servicing, said such actions as hampers developmental initiatives and the citizens will bear the brunts.
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, aims 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 contextualized the roundtable within the ongoing dialogue on fiscal responsibility, emphasizing the importance of addressing the state’s debt levels, revenue mobilization, 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.
