The Fiscal Responsibility Commission said on Sunday that no Deposit Money Bank should lend money to any state without the approval of the commission.
The FRC said this was in line with the provisions of the Fiscal Responsibility Act , 2007 , adding that going forward, state governments should publish their budgets online annually .
It further stated that states should publish their budget implementation performance report online quarterly.
These were part of the recommendations contained in the communique made available to our correspondent in Abuja by the FRC on its recent regional retreat on policy framework for strengthening fiscal transparency , prudence and accountability at the sub – national levels .
On lending to states by DMBs , the communique read in part, “ No commercial bank should lend money to states without approval from the FRC , in line with the provisions of the FRA. ”
It said states should introduce public financial management reforms post COVID – 19 such as the International Public Sector Accounting Standards , Treasury Single Account , and Government Integrated Financial Management Information System .
Others include the Integrated Payroll and Personnel Information System , Charts of Accounts, Medium – Term Expenditure Framework, Medium Term Sector Strategy , and Operating Surplus Template .