by Nkechi Eze
As part of fostering inter-regional cooperation and exchange, focused on fiscal governance and how the Gambia can learn from the Nigerian experience, the Fiscal Responsibility Commission hosted a delegation from the Ministry of Finance and Economic Affairs of the Republic of Gambia.
The one-day critical study tour was facilitated by the Debt Management Office of Nigeria led by S. K. Abubakar, Head of the Organizational Research Department.
The Executive Chairman of the Fiscal Responsibility Commission, Barrister Victor Muruako, represented by Alhaji Muhammed A. Zailani, Director of Administration and Human Resources, in his welcome address, highlighted the Commission’s role in enforcing the Fiscal Responsibility Act of 2007, which regulates government spending and prohibits irresponsible borrowing across various tiers of government.
He also highlighted the Commission’s significant achievements, including the reform of Nigeria’s budgetary process through the introduction of the Medium-Term Expenditure Framework (MTEF).
The importance of public participation in budget preparation and the transition to a rule-based fiscal regime that promotes transparency over discretionary spending was also noted by the Director.
“it is noteworthy that as of June 2024, the Commission has facilitated over 1.4 trillion naira in independent revenue from government-owned enterprises (GOEs) into the Federal government’s Consolidated Revenue Fund” he said.
While emphasizing the determination of the Commission to always ensure international best practices in the affairs of the government, in line with the Renewed Hope Agenda, the director stated that “the decision to visit Nigeria is greatly appreciated, as it aligns with Africa’s Self-Assessment for Good Governance and the African Peer Review Mechanism,”. He also expressed gratitude to the Gambian government for the opportunity to share ideas and strengthen regional ties.
In his response, Ansumana Sannel, Deputy Permanent Secretary of the Gambian Ministry of Finance and Economic Affairs, thanked the FRC and the Debt Management Office for facilitating the learning experience.
He traced the shared history between Nigeria and the Gambia, emphasizing the delegation’s significance in addressing contingent liability issues relating to government-owned enterprises, which pose risks to developing economies like the Gambia.
“We came to learn from your experience to avoid re-inventing the wheel” Sannel said.
The delegation received insights from Dr. Chris Uwadoka, Senior Special Assistant to the Chairman, who outlined the FRC’s mission and the importance of the Fiscal Responsibility Act in promoting fiscal accountability. On her part, Racheal Angbazo, Assistant Director of Monitoring and Evaluation, made a presentation on the regulatory frameworks governing contingent liability issues, underscoring the Commission’s authority to investigate government enterprises’ and their financial activities.
Dr. Barth Ajah from the Debt Management Office in his response, expressed gratitude to the Management of the Fiscal Responsibility Commission for responding to the request for a peer review visit at short notice, stating that the delegation left better equipped to handle fiscal challenges.
