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FRC Bans Public Loans Without Approval

The Fiscal Responsibly Commission (FRC) in Ebonyi has banned Public Office holders in the state from collecting loans without consent of the commission.

The Chairman of the Commission, Mr. Vincent Nwaibo, who handed this ban on Public Office holders while speaking with newsmen in Abakaliki gensaid there is need to maintain a high level sense of prudence in financial matters and due process as it pertains to collection of loans.

He warned “all local governments, Development Centers, Agencies cannot take loans without consent of FRC and also, will soon write banks not to grant loans without approval”.

Nwaibo urged the Civil servants, Agencies and Development Centre Bosses and Financial Departments of all local governments to exhibit zero tolerance to corruption.

He reminded the public office holders in the state that the function of FRC since establishment in 2008, were to provide prudence in the management of resources, ensure great accountability and transparency.

For this reason, Nwibo admonished them saying: “I advise all to be prudent to public funds as possible as ignorant of the law won’t be an excuse”.

According to Nwibo,the Commission has five trained accountancy investigators that will monitor returns to ensure prudence management of public funds in government ministries ,departments and agencies.

On the new face of the activities of the Commission, the Chairman said: “local governments, Development Centres Ministries, Departments and Agencies are required to remit returns monthly, it is not business as usual”

He explained that remittance of operating surplus and submission of accounts is as specified by law 003 of 2008 Ebonyi State Fiscal Commission and other Related Matters.


– Wilfred Chimeremeze, Abakaliki

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