The Chairman, Fiscal Responsibility Commission, Victor Muruako, Esq has called for collaboration between the ministry of sports and the commission to enable the commission achieve one of its core mandates, that of revenue monitoring.
Barr. Muruako made the call when he led a delegation of the Management of the Commission to a courtesy visit to the Minister of Sports, Honourable John Owan Enor in his office at the Stadium Complex, Abuja on Wednesday.
Barr. Muruako described the Minister as a friend of the Commission, informing him that the Commission has continued to perform its duties under the Fiscal Responsibility Act (FRA), 2007 which he said is due for amendment to provide sanctions for infractions.
FRC Boss said that the major activity of the Commission is Revenue monitoring through which the Commission collates, processes and monitors remittances of the Federal Government of Nigeria’s Independent revenue.
According to him, it is a process of strategic focus on ensuring that more revenues accruing to the FGN are promptly remitted to the treasury.
“The Commission through this Unit’s activities confirms the authenticity of treasury receipts issued for remittances while ensuring the achievement of revenue targets. It is due to rigorous revenue monitoring through the Unit that responds to the requests for submission of Audited Financial Statements from where the liabilities are computed and therefore Revenue returns have reasonably improved over the years.
Muruako said, that in 2020, Operating Surplus and IGR accrued to FGN were N213,786,633, 693 and N319, 116, 957, 622 respectively, summing up to N532, 903, 591, 315. In 2021, the total came to a whooping sum of N1, 250, 592, 440, 514 broken into an Operating Surplus of N139,656,972 only and IGR of N937, 252, 783, 832 while as at 2022, the total collection was N1,362, 589,906,926 comprising of N181, 226, 151, 020 as Operating Surplus and N1, 181, 363, 755, 896 as Ministries, Directorates and Agencies IGR.
Barr. Muruako also highlighted other activities of the Commission like project verification, Technical Assistance to the State, stakeholder dialogue on the implementation of Section 45 of FRA, 2007, Desk Monitoring Exercise, and Analysis of Micro-economic and fiscal issues.
He drew the attention of the Minister to the fact that the FRA, 2007 introduced a Rule and policy-based budgeting process which ensures citizen participation, improved transparency, budget comprehensiveness and greater credibility. He said that budget implementation is now being monitored evaluated and reported quarterly as required by the Act considering that in the past, the budgeting process was not based on any overarching strategy or framework, and Executive oversight was disaggregated and dysfunctional. MDAs are now more accountable through the publication of their Annual Financial Statements.
Barrister Muruako concluded by informing the Minister that the staff of the Commission has effectively imbibed the spirit of sports in the Commission through its Monthly Health Walk which comes up every third Saturday of every month. He used the opportunity to invite the Honourable Minister of Sports as a guest to the monthly fitness event for February 2024.
In his response, the Minister of Sports, John Owa Enor appreciated the Commission for introducing sports activities in the Commission.
He also described the Fiscal Responsibility Act, of 2007 as his baby because he was the Chairman of House Committee on Finance when the Act was passed and signed into law.
He assured the guests that being a minister of Sports does not stop him from giving the desired support to the Commission and he described the Chairman, Victor Muruako Esq as a dogged fighter when it comes to the issue of transparency and accountability in public finance.
He expressed his happiness over the Commission’s efforts in providing technical assistance to states’ Fiscal Responsibility Commission/ Agencies.
He cited FRA as a ‘bible’ and if only we could use it properly, everything would fall in line. He acknowledged the fact that the FRA, 2007 needs to be amended to accommodate punishment for offenders.
He commended the leadership style of the Executive Chairmen who has been using everything around him to effect the desired change that the country needs through his good work in the Fiscal Responsibility Commission.
He assured the FRC boss of support from the Sports Ministry.