Business
Chairman Calls For Compliance With Fiscal Responsibility Act
The Chairman of Fiscal Responsibility Commission, Alhaji Aliyu Yelwa, has called on the Ministries, Departments and Agencies (MDAs) to adhere to the rules and regulations under the Fiscal Responsibility Act.
Yelwa told newsmen Monday in Abuja that strict compliance with the provisions of the Act would ensure transparency and accountability.
He said the commission had noticed some level of improvement in the rate of compliance with the Act among the MDAs because there was enough awareness about it.
The chairman noted that before the establishment of the commission, many MDAs would not bother to submit annual reports in terms of what they had done with the funds allocated to them.
He said the level of the MDAs’ response to the commission’s correspondence, reaching more than 90 per cent, showed that they displayed transparency and accountability.
Yelwa, however, said that the commission was still awaiting the 2011 first quarter reports from the MDAs ‘“because the 2011 budget did not come into being until June.
“If we comply with it, we would get a better and well managed economy and the country would be able to achieve its aim for the Vision 20:2020,” he said.
Yelwa explained that if the provisions of the Act were strictly adhered to, the nation’s credibility in the comity of nations would be enhanced.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.