By Nkechi Eze
The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq., has called for a bold paradigm shift in Nigeria’s revenue strategy, insisting that fiscal efficiency, accountability, and the plugging of leakages remain central to stabilising the nation’s economy.
Muruako’s charge came during the opening of a high-level training programme jointly organised by the FRC, the National Institute for Policy and Strategic Studies (NIPSS), Kuru, and ThinkBig Consulting Ltd., held at the NIPSS campus in Jos, Plateau State. Represented by his Special Adviser, Dr. Chris Uwadoka, the FRC boss described the programme tagged “Strategies for Increased Fiscal Efficiency, Enhanced Government Revenue, and Plugging Leakages in the Nigerian Financial System” as a strategic intervention to reposition Nigeria’s public finance management.
Reviewing a decade of budget performance, Muruako lamented recurring inefficiencies that have weakened fiscal stability. He disclosed that between 2011 and 2021, the Federal Government consistently realised far less revenue than projected, with an average shortfall of 43 percent. The disparities, he noted, were not marginal but staggering. In 2017, for instance, the government projected ₦5.084 trillion but realised only ₦2.658 trillion, representing a 91.3 percent shortfall. Similarly, in 2018, projected revenues of ₦7.166 trillion fell drastically short at ₦3.866 trillion, an 85.3 percent variance.
“These figures reflect more than missed targets, they underscore a structural crisis in fiscal governance,” Muruako said. “This workshop is not just a gathering but a deliberate response. Our mission is to strengthen fiscal operations, maximize every Naira, and ensure that government-owned enterprises and key agencies contribute meaningfully to Nigeria’s revenue mobilisation efforts.”
Other dignitaries and experts echoed his sentiments. Delivering a goodwill message, Ifeoma Ezeoke of the Judiciary urged participants to embrace transparency in the management of public funds and to apply the lessons from the training to strengthen national governance.
Dr. Solomon Titus Gushibet, Senior Fellow and Chief Operating Officer at the Centre for Financial Economics, NIPSS, described the training as both academic and strategic. “This gathering brings together some of the brightest minds in government agencies to sharpen the tools of fiscal governance and ensure that every Naira counts,” he remarked.
Representing the Director-General of NIPSS, Professor Ayo Omotayo, was Prof. Jane Omotayo Ande, the first female professor of accounting, who commended the FRC for its consistent push for fiscal reforms. She charged participants to produce actionable policy recommendations that will strengthen accountability, transparency, and efficiency in Nigeria’s economic management.
The training programme, which brings together key stakeholders across government institutions, is expected to generate practical strategies for closing the persistent gap between fiscal projections and actual outcomes, while fostering a culture of prudence, efficiency, and integrity in the Nigerian financial system.
