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FRC commends Tinubu on fiscal regulatory framework

The Chairman of the Fiscal Responsibility Commission, Barrister Victor Muruako, has commended President Bola Tinubu’s dedication to enhancing the Fiscal Responsibility Act, 2007.

The statement, released by Bede Ogueri Anyanwu, Head of Strategic Communications Directorate, highlighted the collaborative efforts towards fortifying Nigeria’s fiscal landscape under President Tinubu’s leadership.

Speaking during an Interactive Session of the Senate Committee on Finance at the National Assembly, Muruako said, “The Fiscal Responsibility Commission is a product of the Fiscal Responsibility Act, 2007, aiming to establish a transparent and accountable financial framework for Nigeria.”

He emphasized the FRC’s core mandate, ensuring prudent, transparent, and timely revenue-raising policies, resource allocation decisions, and debt management strategies.

The interactive session saw the participation of key figures, including, Chairman of the Senate Committee on Finance, Senator Muhammed Sani Musa; the Minister of Finance, Adebayo Olawale Edun; the Chairman of the Federal Inland Revenue Service,

Zacch Adedeji; the Executive Director of the Nigeria Sovereign Investment Authority, Aminu Umar-Sadiq.

Muruako applauded President Tinubu’s initiative in forming a Presidential committee to amend the FRA, 2007, addressing the Act’s shortcomings, including the absence of punitive measures for its violations.

He highlighted the positive changes in mechanisms, especially evident in the discussions surrounding the Medium-Term Expenditure Framework.

Under the Renewed Hope Agenda, stakeholders now have the opportunity to contribute to the MTEF, a significant departure from previous practices. Muruako noted the improved compliance with the Act since the new government took office.

The FRC Chairman stressed the Commission’s role in monitoring and enforcing revenue remittances, particularly in areas such as independent revenue, operating surplus, and the Internal Generated Revenue of the Federal Government.

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