The Chairman of the Presidential Fiscal Policy and T’ax Reform Committee, Dr. Taiwo Oyedele, has reaffirmed the crucial role of the Fiscal Responsibility Commission (FRC) in driving Nigeria’s fiscal and tax reform agenda.
A statement signed and made available to journalists by the commission’s Head, Strategic Communications, Bede Ogueri Anyanwu disclosed that Dr. Oyedele disclosed this during a working visit to FRC’s Executive Chairman and management team in Abuja. He further emphasized the Commission’s strategic importance in institutionalizing fiscal policies for economic stability.
Acknowledging the FRC’s contributions to Nigeria’s financial framework, Dr. Oyedele commended the Commission for its promotion of transparency and accountability in public finance. He noted that despite its efforts, the FRC has not received adequate recognition or support.
“The Fiscal Responsibility Commission plays a vital role in solving Nigeria’s economic challenges, Yet it remains under-appreciated despite its significant contributions.” He said.
While further stressing that he believes the FRC would serve as a key implementation body when the proposed reforms are passed into law, he underscored the need to leverage the Commission’s expertise to ensure transparency in revenue generation and fiscal management.
In response, the Executive Chairman of the FRC, Victor Muruako Esq., welcomed the visit, describing Dr. Oyedele as a visionary leader committed to Nigeria’s economic transformation. He expressed confidence in the Fiscal Policy and Tax Reform Committee’s work, stating that full implementation of its recommendations would reduce the government’s reliance on borrowing.
Highlighting the FRC’s achievement in introducing a standardized template for calculating Operating Surplus across MDAs.
He also highlighted some of the challenges been faced by the Commission, which included the Commission’s limited enforcement powers, inadequate funding, and not being nominated into key committees that deal on fiscal issues. He called for legislative amendments to strengthen the Commission’s authority and improve its operational capacity.
Dr. Oyedele assured the FRC of his Committee’s commitment to work closely with the Commission to implement necessary reforms. He also commended Muruako’s leadership and efforts in ensuring fiscal discipline within government institutions.
The meeting concluded with a shared commitment towardd strengthening fiscal responsibility, enhancing tax administration, and ensuring that Nigeria’s economic reforms lead to sustainable growth.
Dr. Oyedele was accompanied by some members of the Presidential Committee on Fiscal Policy and Tax Reforms, including Dr. Anthony George and Professor Uche Uwaleke.
