A decade-long partnership between the Fiscal Responsibility Commission (FRC) and the Public Accounts Committees (PAC) of the National Assembly has significantly improved remittances from government-owned enterprises, boosting the federal government’s independent revenue from N200 billion in 2013 to more than N2 trillion in 2024.
The Executive Chairman of the FRC, Victor Muruako, Esq., disclosed this at the 2025 National Conference on Public Accounts and Fiscal Governance held in Abuja.
Muruako noted that the improved collaboration has been instrumental in driving up remittances from government-owned enterprises.
This, according to him, has played a crucial role in strengthening the federal government’s independent revenue, a component that remains vital for financing key projects and reducing dependence on borrowing.
Despite the progress, the FRC Chairman highlighted ongoing challenges affecting fiscal governance at both the federal and subnational levels.
These include limited public awareness of fiscal responsibility laws, weak enforcement mechanisms, and the slow domestication of the Fiscal Responsibility Act (FRA) across Nigeria’s states. As of 2025, only 26 out of the country’s 36 states have enacted similar legislation.
The Fiscal Responsibility Commission (FRC) Chairman called for the establishment of a National Fiscal Governance Framework to improve policy coordination and fortify oversight institutions responsible for monitoring government spending and revenue collection.
He also stressed the importance of aligning fiscal policies at the federal, state, and local government levels with the Renewed Hope agenda of President Bola Ahmed Tinubu’s administration.
In addition, Muruako urged state and local government officials to adopt and fully implement fiscal responsibility laws modelled on the federal framework. Such measures, he argued, would help institutionalise fiscal discipline, promote prudent financial management, and ensure alignment with national economic priorities.
A key legislative gap identified by the FRC Chairman is the absence of sanctions within the FRA 2007 for those who violate its provisions. While the Act outlines 54 distinct offences, it stops short of prescribing penalties.
Muruako, therefore, appealed for a swift amendment of the law to introduce stronger punishments that could enhance compliance and improve service delivery across government institutions.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he said.
Muruako also called for strict adherence to constitutional guidelines on public debt and borrowing, areas which remain under the Exclusive Legislative List. This, he argued, would ensure that borrowing at all levels of government aligns with broader economic strategies and safeguards fiscal sustainability.
During the conference, Muruako acknowledged the efforts of President Tinubu’s administration to strengthen financial policies and create a more robust economic environment.
He assured the PAC of the FRC’s continued support in institutionalising sound financial management practices, aimed at reducing leakages, boosting revenue generation, and fostering greater accountability in the use of public resources.