The Deputy Speaker of the House of Representatives, Benjamin Kalu, has expressed concern about Nigeria’s reliance on debt at 63 years of Independence anniverary.
He also said that the compliance of the provisions of Section 45 of the FRA remains crucial to the banks and other financial institutions before lending to any government of the federation. He noted that it was essential to consider the authorised borrowing limit specified in the appropriation Act and adhere to the extant provisions of Section 45.
“I commend FRC in its responsibility of keeping up with promoting a transparent and accountable government fiscal management framework for Nigeria,” the deputy speaker said.Residents escape death as fuel tanker explodes in Lagos “It is important for commercial banks to liaise with the government by making disclosure on the inflow of the grants,” he said.
He said it also plans to enact a law compelling commercial banks to disclose the sources of grants, their beneficiaries, and who holds custody of the funds.