By Nkechi Eze
The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako Esq., has emphasized the need for continued support from the National Assembly to enable the Commission effectively fulfill its mandate under the Fiscal Responsibility Act of 2007.
During the 2025 budget defense before the House of Representatives’ Finance Committee, Muruako expressed gratitude to Chairman Rt. Hon. James Faleke and members for their ongoing support in promoting accountability and transparency in public finance management.
According to the spokesman of the commission Bede Anyanwu Ogueri , Muruako highlighted the FRC’s crucial role in ensuring fiscal discipline, compelling government agencies to operate within approved budgets, and ensuring that all surplus revenue is remitted to the Consolidated Revenue Fund.
Muruako also called for amendments to the Fiscal Responsibility Act, which currently lacks provisions for penalties despite listing 24 offenses. Other pressing challenges he highlighted include inadequate staff salaries, insufficient funding for capital projects, and the continued reliance on rented office space.
He emphasized the FRC’s crucial role in ensuring fiscal discipline, compelling government agencies to operate within approved budgets, and ensuring that all surplus revenue is remitted to the Consolidated Revenue Fund.
Muruako highlighted that the Commission’s engagement with government-owned enterprises and other agencies has significantly improved their understanding and adherence to the principles of fiscal responsibility.
And also stressed that a robust fiscal framework is critical for Nigeria’s economic stability and that the FRC plays a vital role in assisting the legislature in overseeing the efficiency and effectiveness of Ministries, Departments, and Agencies (MDAs).
While presenting a proposed budget of ₦1.6 billion for 2025, Muruako acknowledged that the allocation may be insufficient to effectively implement the Commission’s mandate. He explained that the budget proposal was constrained by the ceiling set by the Budget Office of the Federation. While urging the Committee to reconsider the Commission’s budget, Muruako emphasized the critical nature of its oversight responsibilities, which include overseeing entities like the NNPC and CBN and conducting awareness and sensitization campaigns nationwide.
Muruako emphasized the need for amendments to the Fiscal Responsibility Act, citing its failure to impose penalties for 24 listed offenses.
Chairman Faleke in his response, pledged to continue to collaborate and ensure the Committee’s ongoing backing for the Commission in tackling pressing concerns and bolstering the effectiveness of the Fiscal Responsibility Act.
