The Executive Chairman of the Fiscal Responsibility Commission (FRC), Mr. Victor Muruako, has called for the continued support of the National Assembly to effectively fulfill its mandate of instilling fiscal discipline among public servants in line with the Fiscal Responsibility Act of 2007.
Mr. Muruako made this call during the 2025 budget defense before the House of Representatives’ Finance Committee.
He expressed gratitude to the Chairman of the committee, Hon. James Faleke and members for their support in promoting accountability and transparency in public finance management.
The FRC boss emphasized the commission’s crucial role in ensuring fiscal discipline, compelling government agencies to operate within approved budgets, and ensuring that all surplus revenue is remitted to the Consolidated Revenue Fund.
Muruako said that the Commission’s engagement with government-owned enterprises and other agencies has significantly improved their understanding and adherence to the principles of fiscal responsibility.
He stressed that a robust fiscal framework is critical for Nigeria’s economic stability and that the FRC plays a vital role in assisting the legislature in overseeing the efficiency and effectiveness of Ministries, Departments, and Agencies (MDAs).
While presenting a proposed budget of N1.6 billion for 2025, Muruako acknowledged that the allocation may be insufficient to effectively implement the Commission’s mandate.
He explained that the budget proposal was constrained by the ceiling set by the Budget Office of the Federation, and urged the Committee to reconsider the Commission’s budget, emphasizing the critical nature of its oversight responsibilities, which include overseeing entities like the NNPC and CBN and conducting awareness and sensitization campaigns nationwide.
He also called for amendments to the Fiscal Responsibility Act, which currently lacks provisions for penalties despite listing 24 offenses.
Other pressing challenges he highlighted include inadequate staff salaries, insufficient funding for capital projects, and the continued reliance on rented office space.
In response, Chairman of the committee, Hon. Faleke assured the Commission of the Committee’s continued support in addressing these concerns and enhancing the implementation of the Fiscal Responsibility Act.
Meanwhile the Senate Committee on Finance has expressed dissatisfaction over the perennial poor funding of the Fiscal Responsibility Commission (FRC).
The Chairman of the committee, Senator Shehu Musa, who made the stayement during the commission’s 2025 fiscal year budget defense,
described the situation as regrettable, highlighting the irony of the underfunding of a commission that is charged with ensuring and enforcing remittances of revenue into the Consolidated Revenue Fund (CRF) even though the government is in dire need to improve its independent revenue.
Earlier in his presentation, the Chairman of the FRC, had said that the commission’s proposed budget of N1.6 billion was insufficient to fulfill its extensive mandate.
He also requested for increased capital funding to improve revenue generation and a push for the amendment of the Fiscal Responsibility Act, 2007 which had already undergone a public hearing in the ninth legislative Assembly.