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Fiscal Responsibility Bill Not Targeted at Govs - Minister
By Linda Elueme and Chika Amanze Nwachukwu, 12.01.2004
Minister for Finance, Dr. (Mrs) Ngozi Okonjo-Iweala, yesterday denied the allegations that the proposed Fiscal Responsibility Bill was targeted at the state governors who are not in President Olusegun Obasanjo's "good book." Making the clarification in Lagos at a stakeholders' conference on the Fiscal Responsibility Bill, Okonjo-Iweala said the bill was being proposed to ensure "prudence, accountability, transparency with a view to ensuring good governance." The proposed bill provides for one year imprisonment and N500,000 fine for public officers who fail to perform obligation or make false statement and three years minimum jail sentence for contravention. Okonjo-Iweala said the finance minister/state commissioners are liable and subject to punishment. "The bill is not designed to witch-hunt anybody or any governor. It is not about neglecting the priorities of the local units. It is not Obasanjo's bill, it is a bill for Nigerians," said the minister. She noted that there is need for Nigerians to demand accountability from their representatives at both the federal, state and local government levels. She explained that there is need to ensure fiscal prudence and better utilisation of resources, pointing out that in the past, fiscal priorities were misplaced and scarce resources not channelled to areas that are most needed by Nigerians. The minister explained that the proposed bill would ensure the spirit of making all tiers of government work together, observing the basic rule of fiscal prudence, adding that in the past, bad fiscal decisions taken by some tiers of government have had drastic effects on inflation, exchange rates, interest rates etc. The bill if passed into law, she explained, would shield the economy from adverse effect of oil revenue volatility, noting that pro-cyclical spending patterns over the years have induced adverse effect on the economy as a result of boom-bust cycle of spending. Okonjo-Iweala said implementation, monitoring and enforcing the provisions of the Act would be done by an 11-member Fiscal Management Council (FMC), comprising representatives of Federal Government, the six geo-political zones, the private sector and the civil society. FMC would enforce the law through investigation and shall forward violations to the Attorney General for prosecution, saying the bill provides for collective and remittance of all revenue collected with rational and prudent governance for incurring expenditure being put in place.
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