The Fiscal Responsibility Commission is embarking on physical verification of selected capital projects across the six geo-political zones in a bid to minimise the incidence of abandoned public projects in the country,
Acting Chairman of the Commission, Victor Muruako said the essence of the project verification is to monitor the progress of work on the awarded projects and to ensure that there is value for money.
He said the verification must be done within the Medium Term Expenditure Framework, MTEF, adding that this is to ensure that government embarks on projects that it has the ability to fund.
With the MTEF, he reaseoned that cases of abandoned projects will cease to exist. Indeed, Section 18 of the Fiscal Responsibility Act 2007, provides that the Medium Term Expenditure Framework shall be the basis for the preparation of the estimates of revenue and expenditure required to be prepared and laid before the National Assembly under Section 81 of the Constitution.
The verification also, according to him, is to determine projects that need funding in line with the completion targets and to reduce to the barest minimum, approvals for new capital projects for Ministries, Departments and Agencies, MDAs, where the existing indebtedness to contractors run into billions.
He enumerated the projects earmarked for verification in the South-West to include extension and asphalt overlay of Murtala Muhammed Airport runway (completion of outstanding taxiway B, completion of control/technical tower at Ibadan Airport, rehabilitation of Lagos Shagamu-Ibadan Dual Carriageway section 1 in Lagos State C/No 6204 and others).
Muruako urged the 12 teams to carry out this critical assignment with great diligence and sense of purpose.