As part of efforts to boost efficacy among its financial staff, the Industrial Training Fund(ITF), on Monday started a two-day training for its 280 accountants on processes and procedures of the Fiscal Responsibility Act (FRA), 2007.
The News Agency of Nigeria (NAN), reports that the FRA was enacted in 2007 to ensure prudent management of resources, promote long term macro-economic stability of the national economy and secure greater accountability and transparency in fiscal operations.
Speaking at the event, Mr Joseph Ari, ITF Director-General, said that the training was organised to equip the participants with the requisite skills for prudent expenditure and fiscal responsibility.
“Fiscal responsibility implies that government must have balanced budgets and revenue so as to sufficiently pay for all their expenditures. The economic future and survival of any nation depends on the way it practices this,” he said.
He said that the administration of President Muhammadu Buhari had placed high premium on revenue generation, expenditure and its management to ensure that social and economic infrastructure was provided to fast-track development.
“We believe that a firm understanding and appreciation of the Act, its processes and procedures, will enhance transparency and accountability in our financial affairs,” he said.
Ari said that the workshop was timely, coming at a period when the country was experiencing dwindling resources amidst numerous projects yearning for attention, and advised the participants to use the knowledge gained to improve quality service delivery.
Earlier in his remarks, Mr Victor Maruako, the Acting chairman, Fiscal Responsibility Commission, had said that the training was important to ensure good management of government funds.
Noting that a lot of money was required to fund the national budget, Maruako said that 80 per cent of surpluses of revenue generated by any government agency must be remitted to the consolidated revenue fund account.
Maruako said that the training would guide participants on financial planning and decisions, and build their capacity to guide their managements to make good financial decisions.
NAN reports that participants of the two-day workshop were drawn from the ITF Headquarters, as well as its training, area and corporate offices nationwide.
(NAN)
