Posted by By Esan Sunday, Senior Finance Correspondent on
Over the years, Nigeria has earned over N300 billion from oil, so says the Minister of Finance, Dr. Ngozi Okonjo-Iweala. Despite this huge resources however, she said the nation has almost nothing to show for it, as the money were not well utilised.
• As FG submits Fiscal Responsibility bill to NASS
Over the years, Nigeria has earned over N300 billion from oil, so says the Minister of Finance, Dr. Ngozi Okonjo-Iweala. Despite this huge resources however, she said the nation has almost nothing to show for it, as the money were not well utilised.
Minister of State for Finance, Mrs. Nenadi Usman, who represented the Minister at the 11th Economic Summit Group holding in Abuja said the mismanagement of such huge resources has led to the decision of the government to develop a Fiscal Responsibility Bill, which was passed to the National Assembly six weeks ago.
Though she was not sure of when the bill would be passed into law, she said with the enthusiasm of the National Assembly members on the bill, it would not be a surprise if the bill's passage were fast-tracked.
Noting that the lack of fiscal discipline in all the levels of government has led to huge pension debt, unpaid salaries for staff and contractors among other vices, she said for the nation to reach the level of prosperity it desires, it must shield her economy from the adverse effect of oil prices volatility.
Commenting on the proposed Fiscal Responsibility bill, she said, the bill is basically for a medium term fiscal framework.
To give teeth to the proposed law, she said an 11-member fiscal responsibility council will be set up with representatives from the Federal Government, six geo-political zones of the country, the Private Sector and that of the Civil Society. Basically, the council, according to her, would monitor the implementation of the law and ensure that it is tenaciously followed.