By Nkechi Eze
The Secretary to the Government of the Federation, George Akume, has reaffirmed the Federal Government’s strong support for the Fiscal Responsibility Commission (FRC), commending the agency’s contributions to strengthening fiscal discipline, transparency, and macroeconomic stability as its outgoing Executive Chairman, Victor Muruako, formally concluded his five-year tenure.
Akume gave the assurance on Thursday in Abuja while receiving Muruako on a courtesy visit marking the end of his statutory term, during which he described the outgoing chairman as “a very hardworking, result-oriented and productive leader” whose stewardship significantly deepened compliance with the Fiscal Responsibility Act.
The SGF noted that the Act has remained a vital instrument for promoting macroeconomic stability and reinforcing the credibility of Nigeria’s fiscal framework. He stressed the importance of the Medium-Term Expenditure Framework, describing it as a key mechanism for protecting the country’s fiscal integrity, and urged Ministries, Departments and Agencies to strictly comply with its provisions, including the timely preparation and submission of audited financial statements.
He further commended the Commission’s monitoring and enforcement efforts, noting that its interventions have helped lay a solid foundation for economic growth by improving fiscal transparency, accountability, and prudent financial management across government institutions.
In his valedictory remarks, Muruako reflected on his leadership of the Commission, describing the past five years as a period defined by institutional strengthening, reform initiatives, and renewed focus on enforcement and collaboration.
He expressed appreciation to President Bola Ahmed Tinubu for providing the political will required to implement key reforms under the administration’s economic agenda, while also thanking the SGF for consistent administrative support, which he said played a stabilizing role during challenging periods.
Highlighting major achievements during his tenure, Muruako revealed that the Commission recorded significant progress in improving the remittance of operating surpluses by government-owned enterprises and scheduled corporations. He explained that the introduction of objective templates for calculating operating surpluses and the rigorous review of financial statements helped improve compliance.
According to him, as of June 2025, independent revenue remittances, including operating surpluses and internally generated revenue, exceeded ₦1 trillion, reaching ₦1.094 trillion against a prorated budget target of ₦2.6 trillion.
He also pointed to strengthened enforcement through formal partnerships with anti-corruption and regulatory agencies such as the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, and the Bureau of Public Procurement. These collaborations, he noted, helped reposition fiscal infractions as economic crimes and enhanced deterrence within the public sector.
The outgoing chairman further highlighted the Commission’s advocacy efforts at the sub-national level, including support to states in domesticating fiscal responsibility laws, as well as independent reviews of federal budgets to ensure government borrowing remained within the statutory threshold of three percent of Gross Domestic Product, except under legally permissible conditions.
Despite these achievements, Muruako acknowledged several challenges that constrained the Commission’s effectiveness, including inadequate infrastructure, funding limitations, manpower shortages, delays in amending the Fiscal Responsibility Act 2007, and concerns over staff welfare and remuneration.
He stressed the need to strengthen the Commission’s statutory powers, particularly by granting it authority to impose direct sanctions for non-compliance, and called for the digitalization of fiscal monitoring through the establishment of an integrated real-time reporting portal for MDAs.
Looking ahead, he recommended urgent legislative amendments to the Fiscal Responsibility Act, enhanced oversight of local government fiscal autonomy, and the creation of a formal annual fiscal calendar to guide the preparation and passage of key fiscal documents, including the Medium-Term Expenditure Framework and the national budget.
Muruako also advocated greater financial independence for the Commission, suggesting it be placed on a first-line charge or allocated a dedicated percentage of recovered operating surpluses to boost its operational capacity.
As he formally handed over, he expressed gratitude to the management and staff of the Commission for their dedication and resilience, emphasizing that fiscal discipline remains an ongoing national obligation.
“Fiscal responsibility is not a destination but a continuous journey of discipline, transparency, and patriotism,” he said.
During the visit, Muruako introduced Barrister Charles Abana, the Commission’s most senior Director overseeing Legal Investigation and Enforcement, to the SGF, noting that he would assume interim leadership of the Commission pending further directives.
Akume, in his concluding remarks, reiterated the Federal Government’s commitment to supporting the Commission’s mandate, expressing confidence that it would continue to play a critical role in promoting fiscal transparency, accountability, and sustainable economic growth in Nigeria.
