Notwithstanding the sustainability of the country’s current public debt to Gross Domestic Product (GDP) ratio, the acting Chairman of the Fiscal Responsibility Commission (FRC), Mr. Victor Muruako, on Tuesday called on President Muhammadu Buhari to set borrowing limits for the three tiers of government.

He said such demarcation would help to monitor when any tier of government borrows or about to borrow beyond its limits, warning that debts could get out of hand without proper checks.

According to him, where fiscal responsibility is practiced, limits are imposed on deficits, debts and expenditure while time limits for performing certain duties and obligations are further spelt out.

Speaking in Abuja at the opening of a three-day workshop on the Fiscal Responsibility Act, 2007 (FRA, 2007), Muruako also called for amendment of the act to allow for specific sanctions for infractions.

He disclosed that so far, the commission had ensured that agencies of government remitted over N366 billion operating surplus into the consolidated revenue fund (CRF).

The FRC boss said: “The reality is that once your line of duty does not entail arresting and detaining people on the prompt of mismanaging or embezzling public funds, you may need more than just programmes like workshop to plant your project and make an impact in the society today.”

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http://monitor9ja.com/2015/09/frc-wants-buhari-to-set-borrowing-limits-for-all-tiers-of-govt/

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