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...
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...
The Fiscal Responsibility Commission (FRC) has bemoaned the attitude of government health institutions in the country in the area of revenue remittances to government coffers. This is contained in a speech delivered by the Chairman, Victor Muruako Esq, at a Stakeholders Engagement to Analyse Nigeria’s Health Sector’s 2022 Budget, its Implementation and Monitoring held on...
IMF CHIEF VISITS FRC On Tuesday 19th July 19, 2022, the Commission received delegation of the International Monetary Fund (IMF) mission led by the Director, second African Regional Technical Assistance Centre in West Africa (AFRITAC West 2), Eva Jenkner, who was on official visit to Nigeria. A roundtable discussion was held between the visiting IMF...
Chairman of the Fiscal Responsibility Commission (FRC), Mr. Victor Muruako, has said that applying the provisions of the Fiscal Responsibility Act (FRA), 2007, in Nigeria’s extractive industry will bring about accountability, transparency and efficiency in the sector. Mr. Muruako said given the vital place of the petroleum industry which remains a major foreign exchange earner...
