NIGERIA has some laws Nigerians would wonder why they were made. One of them is the Fiscal Responsibility Act, FRA, a 2007 law that expects prudent management of public finances from governments and their agencies.
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The law is observed in breach as cases of outright malfeasance show. The FRA was meant to track and prevent conducts that were likely to result in abuses.
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Reports of the Federal Government securing loans for power, education, and rail projects should worry anyone who knows about FRA.
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Government has chosen areas of our national live that we agree deserve urgent attention, but it is a poor excuse for wanton disobedience of the law. There are many grounds to be apprehensive. The burden of repaying the loan lies on future generations. The other is the penchant of the States and local government councils to go on their own borrowing binge.
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When the Federal Government disobeys the law, it provides bad leadership for other tiers of government.