𝐑𝐭 𝐇𝐨𝐧 𝐁𝐞𝐧𝐣𝐚𝐦𝐢𝐧 𝐊𝐚𝐥𝐮'𝐬 𝐁𝐢𝐥𝐥 𝐄𝐦𝐞𝐫𝐠𝐞𝐬 𝐒𝐭𝐚𝐫 𝐁𝐢𝐥𝐥 𝐈𝐧 𝐓𝐡𝐞 𝐇𝐨𝐮𝐬𝐞 𝐎𝐟 𝐑𝐞𝐩𝐬

 

........... 𝒂𝒔 𝒕𝒉𝒆 𝑫𝒆𝒑𝒖𝒕𝒚 𝑺𝒑𝒆𝒂𝒌𝒆𝒓 𝒄𝒐𝒏𝒕𝒊𝒏𝒖𝒆𝒔 𝒕 𝒐 𝒎𝒂𝒌𝒆 𝒊𝒎𝒑𝒂𝒄𝒕𝒇𝒖𝒍 𝒓𝒆𝒑𝒓𝒆𝒔𝒆𝒏𝒕𝒂𝒕𝒊𝒐𝒏 

Last week, the House of Representatives presented a total of 81 bills, covering a wide range of topics. 

Out of these, one bill stood out and stole the spotlight – the Fiscal Responsibility Act (Repeal and Enactment) Bill, 2024, presented by the Deputy Speaker Rt Hon Benjamin Okezie Kalu, the Member representing Bende Federal Constituency.

The Bill, also known as HBs 1478, 71, 873 and 109, aims to repeal and enact the Fiscal Responsibility Act, as well as amend it for better effectiveness. 

With its comprehensive approach and focus on addressing loopholes in the existing framework, this bill has emerged as the STAR bill among the 81 presented.

The Fiscal Responsibility Act (FRA) was first enacted in 2007 with the objective of promoting prudent and transparent management of the nation's resources, ensuring long-term macroeconomic stability and sustainable debt management. 

However, over the years, it has become evident that the FRA needs to be updated and strengthened to meet the evolving needs and challenges of the country's economy.

This is where the HBs 1478, 71, 873 and 109 Fiscal Responsibility Act (Repeal and Enactment) Bill, 2024 & Fiscal Responsibility Act (Amendment) Bill, 2024, comes in. 

The Rt Hon Benjamin Okezie Kalu, who also serves as the Chairman of the House Committee on Media and Public Affairs, has put forward a well-crafted and well-thought-out bill that takes into account the current economic landscape and the need for a more robust and effective Fiscal Responsibility Act.

One of the key aspects of this bill is the emphasis on equipping the Fiscal Responsibility Commission (FRC) with the necessary tools and powers to enforce the act and generate revenue. 

This is a crucial step towards promoting accountability and transparency in the management of public funds. 

Additionally, the bill also seeks to address issues such as the lack of clear guidelines for determining fiscal responsibility and the absence of penalties for non-compliance.

As of now, the bill is awaiting report, and the House of Representatives is eagerly anticipating its passage. 

With the support of the Rt Hon Benjamin Okezie Kalu and other members of the house, it is expected that this bill will garner the necessary support and be passed into law. 

This will not only strengthen the country's fiscal management but also have a positive impact on the overall economy.

Let me conclude by saying that the Fiscal Responsibility Act (Repeal and Enactment) Bill, 2024 & Fiscal Responsibility Act (Amendment) Bill, 2024, presented by the Rt Hon Benjamin Okezie Kalu, has emerged as the STAR bill among the 81 presented in the House of Representatives last week. 

With its comprehensive approach and focus on addressing the loopholes in the existing framework, this bill has the potential to make a significant impact on the country's fiscal management and promote transparency and accountability. 

As the bill progresses towards becoming a law, let us hope for a brighter and more responsible future for our country.

𝓘𝔂𝓴𝓮  𝓜𝓫𝓪

𝙎.𝙇.𝘼 𝘿𝙚𝙥𝙪𝙩𝙮 𝙎𝙥𝙚𝙖𝙠𝙚𝙧 𝙃.𝙊.𝙍