The Fiscal Responsibility Commission has urged government entities at all levels to cease excessive borrowing and instead prioritize internal fiscal reforms for the effective execution of programs and policies.
Charles Abana, the Head of the Directorate of Legal Investigation and Enforcement, conveyed this message during a one-day media-civil society roundtable on fiscal responsibility and debt management held in Ilorin, the capital of Kwara state.
Highlighting the detrimental impact of the country’s current debt burden, with 90% of revenue allocated to debt servicing, Abana emphasized that such practices hinder developmental initiatives, placing the burden on citizens.
Abana underscored the importance of aligning recurrent and capital expenditures, advocating for a balanced or even higher allocation to capital projects. Additionally, he called on state governors to strictly adhere to the provisions of the Fiscal Responsibility Act to ensure responsible financial management.
The Executive Director of Order Paper Advocacy Initiative, Oke Epia, explained that the roundtable aimed to foster collaboration between the media and civil society to advocate for fiscal reforms in Kwara State and nationally.
With a focus on the ongoing dialogue on fiscal responsibility, the roundtable addressed key issues such as state debt levels, revenue mobilization, and remittance gaps, especially pertinent as the 2024 budget is under consideration.
Participants, including representatives from the state Fiscal Responsibility, civil society organizations, and the media, attended the event to share perspectives and ideas on promoting fiscal prudence.
The discussions are deemed crucial as stakeholders seek sustainable solutions to the pressing fiscal challenges facing Kwara State and the nation at large.
