The Acting Executive Chairman of the Fiscal Responsibility Commission (FRC), Barr. Charles Chukwuemeka Abana, has expressed optimism that the appointment of Prof. Taiwo Oyedele as Minister of Finance will significantly improve revenue generation and budget implementation across Nigeria.
According to an official signed statement by the Deputy Director, Strategic Communications Directorate of the Fiscal Responsibility Commission, Bede Anyanwu, Barr. Abana made the remarks during a courtesy visit by the leadership of the Chartered Institute of Public Diplomacy and Management (CIPDM), FCT Chapter, led by its Chapter Manager, Sarki Dogara, ACIPDM, on behalf of the National President and Chairman of Council, Prof. Mike Ikupolati, to the Commission’s management in Abuja.
During the visit, Dogara congratulated Barr. Abana on his appointment as Acting Executive Chairman of the Commission, describing him as a worthy ambassador of the Institute who exemplifies integrity, accountability, professionalism, and strategic public engagement.
He noted that the Fiscal Responsibility Commission plays a critical role in promoting fiscal discipline and transparency in the management of public resources, expressing confidence that Barr. Abana’s leadership, legal expertise, and public diplomacy experience would further strengthen the Commission’s mandate.
Dogara explained that the visit was intended to celebrate the Acting Chairman’s achievements and reaffirm the Institute’s commitment to collaborating with the Commission in advancing accountability, transparency, and public trust in governance.
Responding, Barr. Abana commended the Chartered Institute of Public Diplomacy and Management for its contributions to professional development and public sector transformation, noting that the Institute’s vision aligns with the Commission’s objectives.
He disclosed that the Commission remains actively involved in public financial management reforms and played a key role in the activities of the Presidential Committee on Tax Reforms.
Highlighting achievements recorded under his leadership in recent months, Barr. Abana said the Commission has strengthened efforts to promote prudent, transparent, and accountable implementation of the Fiscal Responsibility Act, 2007. He added that the Commission recently concluded a management retreat which produced a new strategic work plan aligned with international best practices.
The Acting Chairman also revealed that the Commission, in collaboration with the Centre for Social Justice (CSJ), is implementing the second phase of the Fiscal Responsibility Index involving about 30 Ministries, Departments, and Agencies (MDAs).
According to him, the exercise is designed to evaluate compliance with the Fiscal Responsibility Act in areas such as planning, budgeting, budget implementation, and the preparation of financial and audited reports.
He explained that the initiative is aimed at deepening the culture of fiscal responsibility, accountability, and transparency across government institutions.
Speaking on ongoing tax reforms, Barr. Abana said the Commission is supporting efforts to educate Nigerians on the importance of embracing the reforms introduced by the Federal Government. He noted that the FRC was fully involved in the work of the Presidential Committee on Tax Reforms under the leadership of Prof. Taiwo Oyedele.
He commended Prof. Oyedele’s commitment to enhancing government revenue generation, stressing that increased remittances through operating surplus remain one of the Commission’s key statutory mandates.
“The Commission is deeply interested in improving revenue generation for the country through enhanced compliance and remittances by government-owned enterprises,” he said.
Barr. Abana also cautioned government agencies seeking loans and other forms of borrowing to comply strictly with Sections 44 and 45 of the Fiscal Responsibility Act, 2007. He explained that government entities intending to borrow must clearly state the purpose of such borrowing and provide a comprehensive cost-benefit analysis outlining the expected economic and social benefits.
He further noted that financial institutions are legally required to obtain evidence of compliance with these provisions before granting loans to government agencies and parastatals.
Expressing optimism about the future of Nigeria’s fiscal management framework, the Acting Chairman said the emergence of Prof. Taiwo Oyedele as Minister of Finance presents an opportunity to strengthen revenue mobilisation and improve budget implementation across government institutions.
He also called on the Chartered Institute of Public Diplomacy and Management to support the Commission’s advocacy for the amendment of the Fiscal Responsibility Act, 2007, describing the proposed reforms as vital to strengthening fiscal governance and accountability in the country.
The visit concluded with both organisations reaffirming their commitment to strategic collaboration in promoting fiscal responsibility, transparency, and sustainable national development.
