NewsFRC INAUGURATES TECHNICAL TEAMS ON FISCAL POLICY FORECAST STRATEGIES

January 22, 2023by PG0

FRC INAUGURATES TECHNICAL TEAMS ON FISCAL POLICY FORECAST STRATEGIES.

 

The Chairman of the Fiscal Responsibility Commission, Victor Muruako Esq, has inaugurated five macro-economic coordinating teams implement fiscal policy strategies of the commission.

Last year, the IMF’s AFRITAC West Africa and Fiscal Affairs Department conducted two capacity-building workshops for the technical staff of the Fiscal Responsibility Commission in July and August, aimed at supporting the Commission with adequate technical know-how to discharge its mandate, vis-à-vis fiscal regulation.

Consequently, the mission proposed eight recommendations that would help the Commission adequately monitor and regulate Nigeria’s fiscal policy space, which include, among others, the creation of technical working groups that specialize in fiscal policy monitoring.

While tasking the members of the various technical teams with this onerous responsibility of fiscal policy monitoring, Mr. Muruako charged them to give their best and work hard in order to ensure the Commission continues to discharge its mandate of enforcing the provisions of the Fiscal Responsibility Act, 2007, which entails fostering fiscal transparency and accountability in Nigeria.

The five technical working teams, whose membership was drawn from the six directorates of the Commission, are: the Macro Fiscal Forecasting Database Team; the Revenue Forecasting Analysis Team; the Expenditure Analysis Team; the Fiscal Risk Analysis Team; and the Public Debt Sustainability Analysis Team.

The teams’ general terms of reference include preparing and prescribing a budget execution format for reporting budget execution; updating the macro-fiscal forecasting accuracy dataset for conducting regular assessments of micro-fiscal forecasts; reviewing the governance structure and aligning it with the mandate and functions in compliance with the FRA 2007; and establishing a fiscal risk registry to support the analysis of the MTEF and annual budgets.

 

 

 

 

 

 

 

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