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Reckless ECA withdrawals caused recession – Fiscal Commission

The acting chairman of the Fiscal Responsibility Commission (FRC) Barr Victor Muruako yesterday blamed the “reckless” withdrawals from the Excess Crude Account (ECA) by the…

The acting chairman of the Fiscal Responsibility Commission (FRC) Barr Victor Muruako yesterday blamed the “reckless” withdrawals from the Excess Crude Account (ECA) by the previous administration as part of the problems that led to the current recession in the country.
Speaking yesterday in Abuja during a stakeholders consultative forum by the Commission and the University of Abuja, Muruako said the commission had raised alarm several times at the way the crude account was depleted with impunity by all tiers of government but the appeal fell on deaf ears.
According to him, successive governments were misled by selfish counsel on a lot of ways to cut cost of governance while the realities of the very obvious case of high overhead cost was evident.
He said the essence of the forum was to have a very critical review of the financial management framework of the country and the ability to address issues such as infrastructural challenges in the face of dwindling government revenue.
Speaker of the House of Representatives, Yakubu Dogara, represented by a member of the Finance Committee of the House, Dennis Agbo, said the various debates about the running cost of the National Assembly were most times out of mischief and exaggeration, stressing that the budget for lawmakers included funds for constituency projects, zonal intervention amongst other costs needed to be used in carrying out their activities.

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