Sokoto state Governor, Aminu Waziri Tambuwal, has signed into law the Fiscal Responsibility Agency and for other Connected Purposes (FRAC) to provide for the establishment of Fiscal Responsibility Agency in the state.
Tambuwal signed the document Tuesday.
A Press statement by Muhammad Bello, Special adviser media and publicity to the governor indicated that the Sokoto State House of Assembly (SOHA) presided over by its Deputy Speaker Abubakar Magaji had passed the law on the same day at plenary.
According to the statement, the governor also signed another law to integrate, harmonise and consolidate all revenues accruing to government ministries, departments and agencies; in order to enable it generate sufficient revenue that could be ploughed into social service and economic growth in the state.
The enactment of both laws, which took effect December 31, 2019 and also signed by the Clerk to SOHA, Abdulrazak Shehu, followed the presentation of two reports regarding the establishment of FRAC and the need to enact the law on revenue integration to the House by Hon. Ahmed Mohammed Malami member representing Sokoto South II constituency.
Section 2 (vii) of the preliminary provisions of FRAC stipulates that when the agency comes on stream it will “provide full, accurate and timely disclosure of financial information relating to the activities of the Government and it’s agencies that is ensuring transparency and accountability.”
Equally, sub-section (viii) of the preliminary provision stated that FRAC shall “manage risk faced by the State prudently, having regard to economic circumstances.”
Meanwhile, the revenue integration law, according to its ‘explanatory memorandum’ is to “codify and consolidate various laws relating to the taxes, levies and revenues in the state and establish the Sokoto State Internal Revenue Service.”