Lack of accountability, transparency preventing investments in states — FRC

The Fiscal Responsibility Commission (FRC) has stated that lack of accountability and transparency in states across the country is preventing investors from investing in states. Speaking during a sensitisation programme on transparency and accountability for states in the North Central zone, the Executive Chairman of FRC, Victor Muruako, said issues such as corruption, inefficiency, and […]

The Fiscal Responsibility Commission (FRC) has stated that lack of accountability and transparency in states across the country is preventing investors from investing in states.

Speaking during a sensitisation programme on transparency and accountability for states in the North Central zone, the Executive Chairman of FRC, Victor Muruako, said issues such as corruption, inefficiency, and lack of accountability continue to serve as a hindrance in democratising fiscal processes, thus discouraging potential investors.

Muruako stated that to address these challenges, it is imperative that priority is given to transparency and accountability in public finance management to provide confidence in investors.

“The commission aims to empower subnational governments in the North Central to further strengthen their financial management systems, make informed decisions, optimise resource allocation and, ultimately, improve the lives of Nigerians.

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“We believe that by strengthening the subnational level, we will promote public disclosure, encourage civil society engagement which can significantly improve the quality of public service delivery and the overall well-being of our citizens.”

The President, Institute of Professional Economist and Policy Managers (IPEPM), Prof. Ken Ife, said, “It is very important for us to explore what are the parameters of fiscal responsibility. We should make no excuse, the federal government, state government and local government are all on the same page on what they should do with our scarce resources and how they can promote investment into their space.