The Nigerian government has been called upon to introduce laws that would restrict borrowing and limit the debts by the three tiers of government.
The Acting Chairman of the Fiscal Responsibility Commission in Nigeria, Mr Victor Muruakor made this call at the 10th year Anniversary Colloquium of the Financial Nigeria Magazine held in Abuja, the nation’s capital.
Mr Muruakor noted that the present administration had succeeded in creating awareness through its anti corruption campaign and the implications of the menace.
“The Federal government has in response to the corruption challenge of the country, grossly come out aggressively to pursue the anti corruption war. if you are thinking of pinching into government’s funds, you have to think twice because if not today, you must definitely come to answer about it tomorrow,” he explained
The Acting Chairman also urged the government to adequately monitor the funds that had been given out as loans to state governments, in a bid to ensure they are refunded on time.
‘There is need for the Federal government to come out fully to back up the Fiscal responsibilities commission and the DMOs to be able to go into the states to monitor all these bailout funds and all the financial assistance that have been taken so far, including the monitoring of the disbursement of the Paris Club loan refund which me and you know that there has been a lot of issues about. There is the need for the Federal government to have the political will to say look, if we are assisting you in this way, what are you going to do?’ He asked.
Mr Muruakor added that donor agencies should also assist the government in monitoring the activities of the state governments to ensure that the funds were appropriately used.
‘I think also that this is where some of the donor Agencies and the Aid partners should come in by strengthening some of these of these agencies like the DMOs and the Fiscal Responsibilities Commission because on their own, they can also take some proactive steps to ensure that the states are checked in some of their Fiscal practices,” he said.
A former Commissioner of state for health, Mr Mohammed Ali Pate said that the country could become a beacon of hope on the African continent and beyond.
According to him, competent leadership is key to sustainable development.