FRC hails Tinubu’s framework for fiscal regulation

Bisola David
Bisola David
FRC hails Tinubu's framework for fiscal regulation

The Chairman of the Fiscal Responsibility Commission, Barrister Victor Muruako, has praised President Bola Tinubu for his commitment to improving the Fiscal Responsibility Act of 2007.

The Punch reported that President Tinubu’s coordinated efforts to strengthen Nigeria’s fiscal environment were emphasized in the statement issued by the Head of the Strategic Communications Directorate, Bede Ogueri Anyanwu.

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

He emphasized the fundamental responsibility of the FRC, which is to ensure prompt, transparent, and responsible resource allocation choices, debt management plans, and revenue-raising programs.

Representatives from the Senate Committee on Finance, the Federal Inland Revenue Service, the Minister of Finance, Senator Muhammad Sani Musa, and the Minister of Finance, Adebayo Olawale Edun, participated in the interactive session.

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

Muruako praised President Tinubu for making the effort to establish a Presidential committee to revise the FRA, 2007, pointing out the Act’s flaws, such as the lack of consequences for violators.

He emphasized the improvements in the systems, which are particularly noticeable in the conversations over the Medium-Term Expenditure Framework.

This is a major change from past practices as stakeholders are now able to contribute to the MTEF under the Renewed Hope Agenda. Muruako said that there has been better Act compliance since the new government took office.

The FRC Chairman emphasized the Commission’s responsibility for keeping an eye on and enforcing revenue remittances, especially in relation to independent revenue, operating surplus, and the Federal Government’s internally generated revenue.

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