…pledges commission would continue to enforce compliance with fiscal laws

The Ekiti State Fiscal Responsibility Commission says effective monitoring of government budgets, projects and expenditure have strengthened fiscal discipline, improved accountability and promoted transparency in the management of public resources in the state.

The Chairman of the Commission, Mr Alfred Ologuntoye, disclosed this while featuring on Ekiti Loni/Ekiti Today, a live audience-participation radio programme in Ado-Ekiti.

Ologuntoye attributed the 60.3 per cent reduction in the state’s domestic debt to prudent resource management by the administration of Governor Biodun Oyebanji, improved Internally Generated Revenue (IGR) and increased federal allocations

He said the state’s domestic debt reduced from about N118 billion in 2022 to approximately N43 billion in 2025, according to data from the National Bureau of Statistics (NBS).

The FRC chairman said the commission had continued to monitor revenue generation, budget implementation, government projects and expenditure to ensure that public funds were utilised for their intended purposes and in compliance with the State Fiscal Responsibility Law.

He explained that the commission’s mandate covered ministries, departments and agencies (MDAs), local governments, Local Council Development Areas (LCDAs) and tertiary institutions across the state.

According to him, the commission scrutinises government projects and expenditure to ensure value for money and guarantee that citizens derive maximum benefits from public investments.

“To ensure that government money is well spent, we monitor expenditure and ensure that all agencies comply with the Fiscal Responsibility Law,” he said

Ologuntoye noted that the commission’s involvement in the budgeting process of local governments had improved the quality, credibility and fiscal responsibility of their budgets.

He added that the commission remained committed to ensuring that public borrowing, expenditure and budget implementation conform with fiscal responsibility principles and international best practices.

The chairman said the commission’s activities were geared towards promoting transparency, accountability, prudent financial management and long-term macroeconomic stability in Ekiti State.

He commended Governor Oyebanji for providing the necessary support and enabling environment for public finance and project governance institutions, including the Ministry of Budget and Economic Planning, Bureau of Public Procurement and Office of the Auditor-General, to effectively discharge their mandates.

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Ologuntoye said the state’s commitment to fiscal discipline and transparency had attracted recognition from organisations such as the Institute of Chartered Accountants of Nigeria (ICAN), as well as support from development partners.

He commended President Bola Tinubu for increased federal allocations to State’s and all tiers of government noting that the development, coupled with improved IGR, had assisted the state in sustaining its no-borrowing policy.

“Because of prudent spending, our domestic debt has reduced drastically,” he said.

Ologuntoye assured that the commission would continue to strengthen budget and project monitoring, enforce compliance with fiscal laws and ensure that every naira spent by government delivers commensurate value to the people.

He said the commitment was consistent with the Oyebanji administration’s policy of promoting open, transparent and efficient governance, with the ultimate goal of positioning Ekiti as a model of responsible public finance management in Nigeria.