The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako Esq., has called on Honourable Tochi Okere, member representing Owerri at the Federal House of Representatives, to support the ongoing amendment of the Fiscal Responsibility Act (FRA), 2007, currently before the National Assembly.
Hon. Okere, who paid a courtesy visit to the FRC Chairman at the Commission’s headquarters in Asokoro, Abuja, praised the Commission’s achievements under Muruako’s leadership. He described Muruako as an outstanding leader and administrator, citing his previous roles as Chairman of Owerri West Local Government and National Legal Adviser of the Association of Local Government Employees of Nigeria.
“I’m not surprised by the Commission’s positive performance under your watch,” Hon. Okere remarked. “You have always been a goal-getter and achiever, and I’m confident that you’ll continue to deliver effectively in your current role.”
In his welcome address, Barrister Muruako expressed gratitude for Hon. Okere’s visit and outlined the Commission’s statutory mandates under the Fiscal Responsibility Act, 2007. These mandates include:
Preparation of Medium-Term Expenditure Framework (MTEF): To guide budget planning and implementation annually.
Setting Fiscal Objectives: Establishing clear revenue and expenditure targets to ensure macroeconomic stability.
Prudent Management of Public Funds: Promoting efficient and accountable government spending.
Ensuring Long-Term Macroeconomic Stability: Enforcing fiscal discipline to sustain economic growth.
Public Debt Management: Regulating borrowing to ensure debt sustainability.
Revenue Generation and Remittance: Requiring government agencies to remit operating surpluses to the Consolidated Revenue Fund.
Transparency and Accountability: Mandating timely publication of budget and fiscal documents.
Monitoring and Evaluation: Overseeing implementation of the MTEF and annual budgets.
Sanctions for Non-Compliance: Enforcing penalties for violations of the Act’s provisions.
Verification of Government Projects: Inspecting selected projects across the six geopolitical zones to ensure their existence and value for money.
Barrister Muruako reiterated the Commission’s commitment to accountability, transparency, and prudent management of public funds, noting that project verification is a crucial component of its mandate.
He urged Hon. Okere to lend his support to the proposed amendment of the Fiscal Responsibility Act, emphasizing that the amendment would strengthen the Commission’s capacity to promote sound fiscal governance and accountability across all levels of government.
Bede Ogueri Anyanwu
Deputy Director/Head, Strategic Communications Directorate
Fiscal Responsibility Commission