The 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.
“ Non-compliance with the provisions of this section shall make the action taken an offence.”
Ogun stated that the bill, when passed into law, would “address the lacuna in the Act, obviate impunity and serve as a mechanism for making government officials accountable.” “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.
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