Reps Propose 3 Years Imprisonment For Fiscal Responsibility Act Violators

Reps Propose 3 Years Imprisonment For Fiscal Responsibility Act Violators FiscalResponsibilityAct

“The Act provides for prudent management of the nation’s resources, ensures long-term macro-economic stability of the national economy, secures greater accountability and transparency in fiscal operations within the medium-term fiscal policy framework and promotes fiscal discipline.

“Some of the issues raised in the Report include low budget credibility, insufficient disclosure of public finances, and lack of autonomy of Auditor General, amongst others. In the bid to address the lacuna, Ogun proposed an amendment to Section 41 which states that: “The framework for debt management during the financial year shall be based on the following rules: Government at all Tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with a low-interest rate and with a reasonably long amortization period subject to the approval of the appropriate legislative body where necessary; and...

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

LeadershipNGA /  🏆 4. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Alleged Murder: Lawyer Faults Arrest Warrant Against C'River PDP Reps CandidateA Senior Advocate Of Nigeria (SAN), Mba Ukweni, has faulted the bench warrant issued by the Cross River State Police Command against his client, Mr. Peter
Read more »

JUST IN: Reps summon banks over new naira notes scarcity - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »

Reps ask CBN to extend deadline for old notes by 6 months, summon bank MDsThe House of Representatives has asked the Central Bank of Nigeria to extend the deadline for acceptance of the old naira notes by 6 months. The House
Read more »

Reps to criminalise govt loan abuse, excess public debtThe House of Representatives has passed for second reading, a bill seeking to criminalise abuse of the Fiscal Responsibility Act 2007, especially concerning borrowing and public debt.
Read more »

S’Eagles defender, Ekong, quits Watford after three yearsWatford centre-back, William Troost-Ekong, has announced his departure from the England Championship football club.
Read more »

Transfers: Ekong returns to Italy after three years in EnglandEkong’s move is to get playing time, having only played 15 games from 28 matches and 1094 minutes in the Championship this season
Read more »