The Fiscal Responsibility Commission (FRC) has expressed profound sorrow over the passing of Nigeria’s former President, His Excellency Muhammadu Buhari, GCFR, describing him as a transformative leader whose fiscal reforms left an indelible mark on the nation’s economic landscape.
In a statement released on Monday, the Executive Chairman of the FRC, Victor Muruako, Esq., extended heartfelt condolences to the Government and people of Nigeria, as well as to the family and loved ones of the late President.
“On behalf of the Fiscal Responsibility Commission, I extend our deepest condolences on the passing of our former President, Muhammadu Buhari,” Muruako stated. “We mourn the loss of a statesman whose legacy of fiscal responsibility continues to inspire the work we do at FRC.”
During his tenure, President Buhari introduced a series of groundbreaking fiscal policies aimed at strengthening Nigeria’s public finance management and promoting economic stability. Notably, he championed the adoption of Zero-Based Budgeting (ZBB) early in his administration, a move designed to improve budget credibility, enhance transparency, and enforce greater accountability in public expenditure.
Buhari’s administration also implemented the Economic Recovery and Growth Plan (ERGP), which played a pivotal role in steering Nigeria out of two recessions during his presidency. Furthermore, his leadership was instrumental in maintaining economic resilience amid the global challenges posed by the COVID-19 pandemic.
Another significant reform under Buhari’s leadership was the expansion of the Treasury Single Account (TSA) initiative, a policy that consolidated government revenues and reduced leakages, thereby strengthening financial oversight across federal agencies. His administration also enacted the landmark 2019 Finance Act, the first of its kind to accompany Nigeria’s annual budget with comprehensive fiscal and business environment reform measures. This historic legislation improved revenue generation and created a more robust economic framework for sustainable growth.
At the sub-national level, President Buhari advocated for fiscal discipline through the introduction of the 22-point Fiscal Sustainability Plan in 2017. He further advanced state-level fiscal transparency and accountability through the State Fiscal Transparency, Accountability, and Sustainability (SFTAS) program, which incentivized prudent financial management among state governments. Additionally, his administration provided critical financial bailouts to states grappling with severe fiscal challenges, thereby reinforcing macroeconomic stability nationwide.
“President Buhari’s unwavering commitment to fiscal reforms and economic sustainability has left a legacy that continues to shape Nigeria’s public finance architecture,” Muruako noted. “His visionary policies have not only strengthened the federal fiscal framework but also fostered greater responsibility at the state level.”
The FRC joined millions of Nigerians in mourning the former President, praying for the peaceful repose of his soul and comfort for his family and the nation.
“May his soul rest in eternal peace,” the statement concluded