The Deputy Speaker of the House of Representatives, Benjamin Kalu has applauded the Financial Reporting Council for promoting transparent and accountable government.
Kalu said this while speaking at a stakeholders’ dialogue on the implementation of Section 45 of the Fiscal Responsibility Act, on Saturday in Lagos.
The deputy speaker, represented by Nalaraba Abubakar, Chairman, House Committee on Loans and Debt Management maintained that compliance with the provisions of Section 45 of the FRA remains crucial to the banks and other financial institutions before lending to any government of the federation.
“I commend FRC in its responsibility of keeping up with promoting a transparent and accountable government fiscal management framework for Nigeria,” Kalu said.
Kalu, however, expressed disappointment that the authorities in charge of monitoring the inflow of grants into the country had no proper record of the grants, according to Daily Post.
“These grants do not just pass through the thin air, but by processes, which the commercial banks are involved in.
“It is important for commercial banks to liaise with the government by making disclosure on the inflow of the grants,” he said.
According to him, the accumulation of those aids and grants is crippling the economy, which has become unbearable.
Kalu said: “We have billions of dollars coming into Nigeria as grants, but cannot pinpoint where the grants are going into the economy.
“So, it’s important that the commercial work together with the government to rebuild the country, because a buoyant economy would also contribute to the activities of the banks too.”