The 2022 federal government budget deficit of N6.39 trillion which represents 3.46 per cent of GDP is manifestly in excess of the 3 per cent rule in section 12 of the Fiscal Responsibility Act which states that aggregate expenditure can only exceed the ceiling imposed by the FRA when there is a clear and present threat to national security or sovereignty of the Federal Republic of Nigeria.
He spoke on the theme: “Exploring Internal Opportunities for Expanding Nigeria’s Fiscal Spaces for Sustainable Development Financing.” He added that Nigeria can generate more revenue for financing development if there is a great political will and increased transparency and accountability in public finance management.
Also, the Fiscal Responsibility Commission should be strengthened by law and policy to fully implement the mandate of empirically calculating and collecting due operating surplus as provided in the FRA.
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