The Abuja Chamber of Commerce and Industry (ACCI) has called for stronger collaboration with the Fiscal Responsibility Commission (FRC) to advance fiscal discipline, economic reforms, and sustainable development in Nigeria.
The appeal was made during a courtesy visit by an ACCI delegation to the Fiscal Responsibility Commission in Abuja. Speaking on behalf of the Director-General of ACCI, Chief Agabaidu Jideani, the Executive Director of ACCI and National Policy Advocacy Centre (NPAC), Dr. Chidiebere Onwumere, emphasized the importance of partnering with the Commission ahead of the proposed National Stakeholders Policy Dialogue on Fiscal Responsibility Reform, Economic Transformation and Sustainable Development.
Dr. Onwumere described the FRC as a critical institution in Nigeria’s economic development framework, noting that effective implementation of the Fiscal Responsibility Act (FRA) 2007 would significantly enhance public financial management, reduce wasteful expenditure, and promote cost savings across government institutions.
He stated that collaboration with the Commission would strengthen the impact and credibility of the forthcoming national dialogue, which aims to foster policy reforms and sustainable economic growth.
The ACCI Executive Director highlighted the Chamber’s statutory responsibilities, including the operation of business training centres, dispute resolution mechanisms for commercial conflicts, and the Abuja Trade Centre, which organizes trade fairs and promotes business development initiatives. He noted that ACCI operates under the supervision of the Federal Ministry of Industry, Trade and Investment.
Responding, the Acting Chairman of the Fiscal Responsibility Commission, Barrister Charles Chukwuemeka Abana, described the relationship between the Commission and ACCI as longstanding and cordial. He noted that the mandates of both institutions are complementary and expressed the Commission’s readiness to participate in the proposed national policy dialogue.
According to Abana, the Commission has spent more than 15 years institutionalizing and implementing the Fiscal Responsibility Act and has acquired substantial experience in promoting fiscal discipline and accountability in governance.
He disclosed that the FRC, in partnership with the Centre for Social Justice (CSJ), is currently implementing the second phase of the Fiscal Responsibility Index. The initiative is designed to assess the level of compliance by Ministries, Departments and Agencies (MDAs) with the provisions of the Fiscal Responsibility Act 2007.
Abana called on private sector stakeholders to support the Commission’s efforts in promoting transparency, prudence, and accountability in public finance management.
He further revealed that the FRC played a key role in the Presidential Committee on Tax Reforms, chaired by the Minister responsible for tax reform initiatives, Professor Taiwo Oyedele. He noted that one of the committee’s recommendations was the amendment of the Fiscal Responsibility Act as part of broader measures aimed at accelerating Nigeria’s economic development.
The Acting Chairman reaffirmed the Commission’s commitment to working closely with ACCI and encouraged the Chamber to involve the FRC in its future programmes, including workshops, capacity-building initiatives, and international engagements.
He also expressed the Commission’s willingness to formalize the partnership through a Memorandum of Understanding (MoU), underscoring the shared commitment of both institutions to strengthening fiscal governance and supporting Nigeria’s economic transformation agenda.
Bede Anyanwu is the Deputy Director, Strategic Communications Directorate, FRC
