Senate set to amend Fiscal Responsibility Act 

The Senate has passed a resolution to amend the Fiscal Responsibility Act, 2007, based on the Medium Term Expenditure Framework (MTEF) report.

The chairman, Senate Committee on Finance, Senator Muhammed Sani Musa, stated this during the ongoing 2023 budget defence and 2024 budget presentation at the National Assembly.

Musa said, “We are worried every day about the huge debt burden we are experiencing in Nigeria.

“We have made a law, and we must abide by those laws because most sub-national governments are not supposed to go to any bank to collect any overdraft without clearance or proof of compliance from the Fiscal Responsibility Commission.”

He assured the commission that the Senate was ready to create a better working environment for the Fiscal Responsibility Commission.

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