{"id":33884,"date":"2020-10-05T09:40:08","date_gmt":"2020-10-05T09:40:08","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=33884"},"modified":"2020-10-05T09:40:18","modified_gmt":"2020-10-05T09:40:18","slug":"banks-must-now-get-frcs-go-ahead-before-lending-to-states","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=33884","title":{"rendered":"Banks must now get FRC\u2019s go-ahead before lending to states"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2020\/09\/Vincent-Muruako-Actin-Chairman-of-FRC.jpg\" alt=\"Nigerian govt received over N1.8trn remittances from MDAs in 12 years \u2013FRC\"\/><\/figure>\n\n\n\n<p>Commercial banks in the country are henceforth regulation-bound to get the nod of the Fiscal Responsibility and Commission (FRC) as parts of the precedent conditions for lending to state governments, the industry watchdog declared on Sunday.<\/p>\n\n\n\n<p>The policy, a component of the Fiscal Responsibility Act (FRA), 2007, equally demands the publication of the budgets of states every year and budget implementation performance reports online each quarter.<\/p>\n\n\n\n<p>States will adopt Treasury Single Account, Public Sector Accounting Standards, Government Integrated Financial Management Information System and other reforms of public financial management in the wake of the coronavirus crisis, FRC said in its communiqu\u00e9 on policy framework for consolidating prudence, fiscal responsibility and accountability at sub-national levels, issued in Abuja.<\/p>\n\n\n\n<p>Operating Surplus Template, Charts of Accounts, Medium-Term Expenditure Framework, Integrated Payroll and Personnel Information System and Medium Term Sector Strategy form parts of the regulator\u2019s policy prescriptions for states.<\/p>\n\n\n\n<p>FRC, whose recommendations derived from the deliberations at a recent regional think-tank session, similarly believes wide uptake of information, communication and technology and capacity development will do states\u2019 fiscal responsibility process much good.<\/p>\n\n\n\n<p>\u201cThe FRC should articulate and disseminate the key benefits of domesticating and implementing the FRA and the consequences otherwise, with states,\u201d the communiqu\u00e9 said, citing suggestions from the conference.<\/p>\n\n\n\n<p>There were also suggestions of keeping registers for ease of information disclosure about beneficial owners of enterprises as well as adoption of the Open Government Partnership initiative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commercial banks in the country are henceforth regulation-bound to get the nod of the Fiscal Responsibility and Commission (FRC) as parts of the precedent conditions for lending to state governments, the industry watchdog declared on Sunday. The policy, a component of the Fiscal Responsibility Act (FRA), 2007, equally demands the publication of the budgets of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4,21],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banks must now get FRC\u2019s go-ahead before lending to states &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=33884\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=33884#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Banks must now get FRC\u2019s go-ahead before lending to states\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Banks must now get FRC\u2019s go-ahead before lending to states &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=33884","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=33884#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"Banks must now get FRC\u2019s go-ahead before lending to states"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Commercial banks in the country are henceforth regulation-bound to get the nod of the Fiscal Responsibility and Commission (FRC) as parts of the precedent conditions for lending to state governments, the industry watchdog declared on Sunday. The policy, a component of the Fiscal Responsibility Act (FRA), 2007, equally demands the publication of the budgets of&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/33884"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33884"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/33884\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}