The Fiscal Responsibility Commission (FRC) as envisaged by the FRA, Barr. Muruako expressed his satisfaction during an Interactive Session with the Senate Committee on Finance at the National Assembly.
The FRC, established to champion a transparent and accountable government financial framework, is instrumental in overseeing revenue-raising policies, resource allocation decisions, and debt management.
Acknowledging the necessity for reforms, Barr. Muruako appreciated President Tinubu’s commitment to strengthen the FRA, 2007.
The FRC Chairman highlighted a critical challenge – the lack of penalties for the Act’s 57 offenses, a loophole that the Presidential committee aims to address through amendments.
Amidst the Renewed Hope Agenda of President Tinubu, substantial improvements are anticipated in the mechanisms governing the financial landscape.
Notably, the Medium-Term Expenditure Framework (MTEF) discussions have undergone positive changes, fostering a stronger foundation for national appropriation.
A positive development highlighted by Barr. Muruako is the newfound opportunity for stakeholders to contribute to the MTEF.
This inclusive approach invites key stakeholders to provide input, a departure from past practices where public officers violated the FRA, 2007 with impunity.
Barr. Muruako emphasized the FRC’s role in monitoring and enforcing revenue remittances, particularly in the realms of independent revenue, operating surplus, and the Federal Government’s Internally Generated Revenue (IGR).
He noted a marked improvement since the inception of the new government, indicating a shift towards greater compliance.
The Interactive Session saw the participation of key figures including Senator Muhammed Sani Musa, Chairman of the Senate Committee on Finance, Chief Adebayo Olawale Edun, Honourable Minister of Finance, Mr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service, and Mr. Aminu Umar-Sadiq, Executive Director of the Nigeria Sovereign Investment Authority.