To improve financial reporting and governance nationwide, the House of Representatives has partnered with the Financial Reporting Council of Nigeria (FRC). This strategic alliance is viewed as a crucial move towards enhancing transparency and accountability within Nigeria’s financial sector, thus playing a pivotal role in driving Economic Stability and development. The House Committee on Commerce’s Chairman, Hon. Ahmed Munir, visited the FRC in Lagos recently to show support for the Council’s mission. He highlighted the federal government and the National Assembly’s efforts to implement vital reforms to boost Nigeria’s economic stability at all levels.
He emphasised several progressive policy changes implemented in different areas of the economy. The objective of these changes is to establish Nigeria as a prominent economic force in Africa, with a particular emphasis on strengthening fiscal and monetary policies. They aim to restore trust among Investors and enhance the standard of living for the Nigerian population. He emphasised the significance of implementing Legislation that aids in expanding businesses and economic progress. A legal structure that allows Nigerian businesses to prosper while guaranteeing that the executive and judicial branches of government enforce these laws efficiently should be established.
Effective economic policies will position Nigeria in the global economy.
Munir spoke positively about Nigeria’s future, highlighting the wealth of both its people and natural resources. He emphasised the importance of adopting effective economic policies and the necessary political determination to position Nigeria as a major player in the global economy. The 10th National Assembly is committed to creating a favourable atmosphere for entrepreneurs and investors. He expressed confidence in Nigeria’s ability to attract investors worldwide and reaffirmed the country’s commitment to becoming a major economic powerhouse in Africa.
Dr. Rabiu Olowo, the Executive Secretary and Chief Executive Officer of the Financial Reporting Council, stressed the importance of legislative support in advancing essential financial reforms following the House’s commitment. He highlighted the urgency of backing the Nigerian Actuarial Chartered Bill to establish professional actuarial standards in Nigeria that align with international norms. Olowo emphasised the importance of backing advocacy campaigns for implementing Nigeria’s governance codes in the Public and Not-for-Profit sectors. These codes aim to enhance transparency, accountability, and effective governance in both public and nonprofit entities, ultimately building trust and credibility in Nigeria’s financial frameworks.
FRC is responsible for ensuring the smooth operation of the government.
In his address to the press, Hon. James Shuaibu Barka, the Deputy Chairman of the House Committee on Commerce, emphasised the necessity of the Financial Reporting Council operating efficiently. He stated that efforts are being made to enhance the FRC’s capabilities as it is instrumental in ensuring that government entities follow proper protocols in financial reporting and governance. He emphasised the crucial role of the FRC in ensuring the smooth operation of the government, specifically in upholding fiscal responsibility and advancing economic stability.
Barka emphasised that the Council has authority over both public and private companies, enforcing adherence to global standards and norms. He stated that the FRC plays a vital role in its mission to create a transparent and responsible financial environment. Collaborative efforts between the House of Representatives and the Financial Reporting Council highlight the need to enhance Nigeria’s financial governance framework. With the House’s backing, attention is now on enacting legislative and regulatory steps to bring reporting standards in line with international standards.
Related Article: FG should invest ₦100bn in vehicle finance
Both the House and the FRC are dedicated to creating a transparent and strong financial system in Nigeria, emphasising the importance of accountability. This partnership is crucial in aiding Nigeria’s economic progress and establishing the country as a prominent economic power in Africa and other regions. Nigeria has the potential to revolutionise its Economy and become a key player in the global market by emphasising Good Governance and financial transparency. This will not only bring in more domestic and foreign investments but also solidify its position as a top economic powerhouse on the world stage.