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The Fiscal Responsibility Commission (FRC) has concluded preparations to hold a Stakeholder Dialogue on implementing sections of the Fiscal Responsibility Act that relate to lending by banks to governments and public institutions in the Federation.
The event to be held in Lagos this weekend will bring together a diverse group of stakeholders including banking Institutions, government representatives, economists, academics and experts in fiscal governance.
The Fiscal Responsibility Act 2007 (FRA), which is Nigeria’s foremost legal framework for the promotion, monitoring and enforcement of fiscal discipline, stipulates that banks’ lending to governments or their agencies in contravention of certain provisions of the Act shall be unlawful. Hence, the Commission aims at using the Stakeholder Dialogue to refresh the attention of stakeholders to this provision of the Act and to engender stakeholder agreement on ways to enhance compliance, and thereby improve the nation’s debt management practices.
