The Fiscal Responsibility Commission has underscored the imperative for governments at various levels to cease excessive borrowing, redirecting their focus towards internal fiscal reforms to effectively implement their programs and policies.
Charles Abana, the Head of the Directorate of Legal Investigation and Enforcement at the commission, emphasized this during a one-day media-civil society roundtable on fiscal responsibility and debt management in Ilorin, Kwara State. Abana urged state governors to steadfastly comply with the provisions of the Fiscal Responsibility Act, advocating for responsible financial management.
Addressing the detrimental consequences of the nation's burgeoning debt burden, where a staggering 90 percent of revenue is allocated to debt servicing, Abana expressed concern that such actions impede developmental initiatives, placing the burden squarely on the citizens.
Highlighting the urgency of aligning recurrent and capital expenditures, Abana advocated for a balanced or even increased allocation to capital projects. The roundtable, organized by the Order Paper Advocacy Initiative, served as a platform for fostering collaboration between the media and civil society to champion fiscal reforms in Kwara State and beyond.
Oke Epia, the Executive Director of the Order Paper Advocacy Initiative, elucidated that the roundtable aimed to establish sustainable synergies for promoting fiscal prudence, a particularly pertinent goal as the 2024 budget undergoes consideration.
Epia contextualized the discussions within the broader dialogue on fiscal responsibility, underscoring the significance of addressing the state’s debt levels, revenue mobilization, and remittance gaps. With a focus on the impending 2024 budget, participants aimed to share perspectives and ideas on promoting fiscal prudence, aligning with citizens' interests as Governor Abdulrahman Abdulrasaq’s administration embarks on its second tenure.
The discussions were deemed crucial as stakeholders sought sustainable solutions to the pressing fiscal challenges confronting Kwara State and the nation at large. Notably, representatives from the state Fiscal Responsibility, civil society organizations, and the media were all actively present at the event.
