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Chairman of Fiscal Responsibility Commission commends president Tinubu’s commitment to strengthening fiscal landscape

Collaborative efforts to fortify Nigeria's financial framework highlighted during interactive session at the National Assembly

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The Chairman of the Fiscal Responsibility Commission (FRC), Barrister Victor Muruako, has expressed commendation for President Bola Tinubu’s unwavering dedication to enhancing the Fiscal Responsibility Act, 2007. The statement, delivered by Bede Ogueri Anyanwu, Head of Strategic Communications Directorate, emphasizes collaborative efforts aimed at reinforcing Nigeria’s fiscal landscape under President Tinubu’s leadership.

During an interactive session with the Senate Committee on Finance at the National Assembly, Muruako underscored the significance of the Fiscal Responsibility Commission, a product of the Fiscal Responsibility Act, 2007. The Act’s primary goal is to establish a transparent and accountable financial framework for Nigeria.

Muruako emphasized the core mandate of the FRC, focusing on ensuring prudent, transparent, and timely implementation of revenue-raising policies, resource allocation decisions, and debt management strategies.

Key figures, including Senator Muhammed Sani Musa, Chairman of the Senate Committee on Finance; Adebayo Olawale Edun, Minister of Finance; Zacch Adedeji, Chairman of the Federal Inland Revenue Service; and Aminu Umar-Sadiq, Executive Director of the Nigeria Sovereign Investment Authority, participated in the interactive session.

The FRC Chairman lauded President Tinubu’s initiative in forming a presidential committee to amend the Fiscal Responsibility Act in 2007, addressing its shortcomings, including the absence of punitive measures for violations. Notable improvements in mechanisms, particularly in discussions surrounding the Medium-Term Expenditure Framework (MTEF), were highlighted.

Under the Renewed Hope Agenda, stakeholders now have the opportunity to contribute to the MTEF, a departure from previous practices. Muruako noted increased compliance with the Act since the new government took office.

Emphasizing the Commission’s role, Muruako highlighted its responsibility in monitoring and enforcing revenue remittances, particularly in areas such as independent revenue, operating surplus, and the Internal Generated Revenue of the Federal Government. The collaborative efforts outlined in the session signify a step toward a more transparent and accountable fiscal landscape for Nigeria.

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