Governments at all levels have been urged to stop excessive borrowing and enhance internal fiscal reforms in order to achieve a sustainable development.
This was the underlying message at the one-day media-civil society roundtable on fiscal responsibility and debt management held on Tuesday in Ilorin.
Organised by the Order Paper Advocacy Initiative, the programme is aimed at fostering collaboration between the media and civil society to advocate for fiscal reforms in Kwara State and the nation at large.
According to the Executive Director of the Initiative, Oke Epia said the programme was necessary in a bid to engender dialogue which will help address level of national and state debt, strengthen revenue mobilization and close remittance gaps.
“With the 2024 budget in focus, participants aimed to share perspectives and ideas on promoting fiscal prudence, aligning with citizens’ interests as Governor Abdulrahman Abdulrasaq’s administration begins its second tenure.
“The discussions are crucial as stakeholders seek sustainable solutions to the pressing fiscal challenges facing Kwara State and the nation at large,” he added.
Speaking at the event, the Head of the Directorate of Legal Investigation and Enforcement, Fiscal Responsibility Commission, Charles Abana stressed the need for government to align recurrent and capital expenditures.
He advocated for a balance or even higher allocation to capital projects, noting that adherence to the provisions of the Fiscal Responsibility Act to ensure responsible financial management.
Abana noted that the country’s current debt burden, with 90% of revenue being used for debt servicing will continue to hinder the development of the country, hence the need for radical shift towards nation building