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From Judex Okoro, Calabar
The Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has stated that the six states of the South-South geo-political zone owe N988.06 billion and $873.3 million as domestic and foreign debts respectively as at December 31, 2021.1
Muruako disclosed this at a three-day awareness and sensitization programme/workshop on transparency and accountability holding in Calabar.
The FRC boss, represented by Zelani Mohammed, said the region is operating below it’s capabilities in key areas, highlighting areas that need improvement and also offered to help any state that needs help.
He said: “An analysis of fiscal fundamentals of states of the South South geopolitical zone, as of December 31, 2021 reveals a total domestic debt of N988.06 billion and total foreign debt of $873.3 million.
“A deeper look into the fiscals indicates an IGR per capita of N8,907; total debt per capita of N44,333; and capital expenditure per capita N26,499.
“While the statistics can have different interpretations, it is clear that with a population of over 33 million people, which is larger than that of our closest anglophone neighbor, Ghana (31.73 millon), it shows that the region is punching below its strategic capabilities in key areas.
“We can do more by way of IGR, for instance. We can do more by way of capital expenditure. We can improve fiscal sustainability.
“The Commission is glad to work with any State that wants help. As a matter of fact, the Act setting up the Commission mandates us to offer such technical assistance”, he said.
Advising state governments to sustain platforms for advice and questions on public finance management from their citizens because in the abundance of advice, there is safety, he enjoined citizens to take advantage of Section 51 of the Fiscal Responsibility Act to ask relevant questions.
He also cautioned banks and financial institutions to digest and use the provision of Section 45 of the Fiscal Responsibility Act in their consideration of lending to governments in the Federation and their agencies.
In his goodwill message, Cross River state attorney general,
Tanko Ashang, SAN, said fiscal responsibility is very core in a democracy.
Also speaking, the Head of Extractive Industry Fraud Section in the EFCC, Danladi Daniel, said the commission will work with the FRC on the area of common interest to ensure the resources of the country is properly utilized for the good of the citizenry.
