Business
Experts Commend Fiscal Responsibility Act To States
Some experts at a recent retreat in Calabar, have attested to the level of macro-economic stability that has been recorded since the enforcement of the Fiscal Responsibility Act, 2007 by the federal government.
They noted that the government saved more than N115 billion between 2008 and 2012, and suggested that state governments too should adopt the legislation.
Chairman, Fiscal Responsibility Commission (FRC), Alhaji Aliyu Yelwa, who spoke at the retreat tagged: “Awareness on the Provisions of the Fiscal Responsibility Act (FRA), 2007’’, stressed that the adoption of the act by states would boost economic growth.
He stated that the federal government’s Consolidated Revenue Fund rose from zero level in 2008 to N86.77 billion in 2012 following the implementation of the FRA.
Yelwa said that the feat would be replicated in the states if they adopt the FRA.
“After four and a half years of enforcement and monitoring of the FRA 2007 at the federal government level, there has been reasonable achievement in macro-economic stability of the national economy, prudent management of resources, fiscal discipline and transparency.
“Before the Fiscal Responsibility Commission came into being, ministries, departments and agencies were not obliged to pay operating surpluses into the Federal Government Consolidated Revenue Fund.
“From inception to 2012, the FRC had urged corporations to increase their contributions from nothing in 2008 to N17.09 billion in 2009, and progressively thereafter to N86.77 billion in 2012,’’ he said.
Experts insist that since the FRA is working well at the federal level, states should adopt it since they collect huge allocations from federally collected revenue every month.
Commissioner, Policy and Standards at the FRC, Dr Sylvester Mordi, insists that for prudent management of the nation’s resources, states and local governments must also ensure accountability through fiscal responsibility.
Mordi said that at present, the FRC, going by its act and the constitution of the Federal Republic of Nigeria, can only appeal to states to join, and not to force them.
It is, however, a welcome development that some states had indicated interest to adopt the FRA.
Niger recently sent a delegation to the FRC headquarters in Abuja to be acquainted with the FRA.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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