A Bill currently under consideration by the House of Representatives could give the Fiscal Responsibility Commission (FRC) the authority to take officials of Government-Owned Enterprises (GOEs) to court for failing to remit revenues to the government purse. This Bill aims to repeal the Fiscal Responsibility Act of 2007 and introduce a new Fiscal Responsibility Act in 2024, focused on managing resources prudently, ensuring macro-economic stability, and enhancing transparency in fiscal operations. Sponsored by Deputy Speaker Rt. Hon. Benjamin Kalu and six others, this Bill seeks to improve economic stability and financial resource management.
The proposed Bill aims to address loopholes in the existing system and empower the FRC to enforce regulations effectively. It also aims to increase the Commission’s capacity to generate independent revenue for the Federal Government. The Bill includes provisions for prosecuting government corporations that do not remit the required amount of their operating surplus. Additionally, the proposed Bill seeks to enhance collaboration with anti-corruption agencies for effective enforcement of fiscal responsibility. After passing the second reading, the Bill was forwarded to the Committee on Finance for further legislative action.