The Fiscal Responsibility Commission (FRC), an agency of the federal government said it has made concerted effort towards strengthening fiscal management in the north-eastern states through effective fiscal responsibility laws. The Chairman of the Commission, Chief Victor Muruako, made the disclosure at a three -day awareness and sensitisation workshop on transparency and accountability held in...
Mr Victor Chinemere, the Chairman of Fiscal Responsibility Commission (FRC), says the reluctance of MDAs to publish their monthly financial transactions is stalling the commission’s drive to improve fiscal transparency and accountability. Chinemere made this known in a paper he presented during the Lunch Time Reform Seminar organised by the Bureau of Public Service Reforms...
In Nigeria’s current fiscal architecture, the revenue sharing arrangement gives the federal government 52.68 per cent share of the federation revenue, while states and local governments get a total of 47.32 per cent – expressed as 26.72 per cent and 20.60 per cent respectively. In addition, the subnational (states and local governments) have powers to...
The House of Representatives, on Tuesday, directed Fiscal Responsibility Commission (FRC) to issue new circular on the remittance of 100 percent revenue generated by fully funded federal agencies, departments and commissions into the Consolidated Revenue Fund (CRF) forthwith. Chairman, House Committee on Finance, Hon Abiodun James Faleke, issued the directive during the 2021-2022 budget defence...
In Managing the Nigerian economy, the federal government is continually confronted with “Fiscal risks,” a technical term for uncertainties that may cause fiscal outcomes (expected public sector revenue, expenditure, borrowing, debt repayment, etc) to deviate from earlier forecasts or expectations. For a subnational entity (States and Local Governments, in the context of Nigeria), a fiscal...
The call for the speedy passage of the proposed amendment to the Fiscal Responsibility Act, 2007 (FRA, 2007) has become very necessary in view of the current dicey state of the country’s economic governance. Public debts are mounting, revenues are perpetually below expectation, oil theft is raging and fiscal indiscipline is unabating. This has elicited...
The Chairman of the Fiscal Responsibility Commission, Victor Muruako, has called on the National Assembly to complete the amendment to the Fiscal Responsibility Act (FRA) to strengthen the functions of the agency. Maruako in a statement through the spokesman, Bede Anyanwu, yesterday noted that the use of legislation to moderate the behavior of fiscal agents...
The Chairman of Fiscal Responsibility Commission has expressed his appreciation to the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, for a recent support the Commission received from the International Monetary Fund, IMF, in the area of capacity development. A statement issued by the Commission’s Head of Strategic Communications, Bede Anyanwu stated that...
An International Monetary Fund (IMF) capacity development mission has visited Nigeria in a strategic move to support the Fiscal Responsibility Commission (FRC) in establishing a Fiscal Monitoring Framework (FMF) for the country. The FRC is the agency saddled with the mandate of promoting a transparent and accountable government financial management framework for Nigeria.The IMF intervention...
The Management of Fiscal Responsibility Commission (FRC) held its continuous Knowledge Sharing Programme on Fiscal issues. This is an important aspect of the reforms introduced by the Executive Chairman, Victor Muruako for senior officers of the Commission to keep up with the knowledge demands of the mandate of the Commission. This edition was led by...
