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The Secretary to the Government of the Federation, George Akume, has reaffirmed the Federal Government’s unwavering support for the Fiscal Responsibility Commission (FRC), commending the Commission’s contributions to strengthening fiscal discipline and safeguarding Nigeria’s macroeconomic stability.
Akume gave the assurance on Thursday at his office in Abuja during a courtesy visit by the outgoing Executive Chairman of the Commission, Victor Muruako, whose five-year statutory tenure has formally ended.
According to a statement signed by Bede Ogueri Anyanwu, Deputy Director, Strategic Communication, Directorate of the Commission, the SGF described Muruako as “a very hardworking, result-oriented and productive leader,” applauding his efforts in deepening compliance with the Fiscal Responsibility Act, 2007.
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MTEF Critical to Fiscal Credibility
Akume emphasized that the Fiscal Responsibility Act remains a vital instrument for promoting macroeconomic stability and enhancing the credibility of Nigeria’s fiscal framework. He particularly underscored the importance of the Medium-Term Expenditure Framework (MTEF), describing it as central to safeguarding the nation’s fiscal image.
The SGF called on Ministries, Departments and Agencies (MDAs) to strictly adhere to MTEF guidelines and ensure the timely preparation and submission of audited financial statements, noting that compliance is essential for sustaining fiscal transparency and accountability. 
He further commended the Commission’s sustained monitoring and enforcement activities, which he said have laid a solid foundation for economic growth through improved fiscal governance.
₦1.094 Trillion in Independent Revenue
In his valedictory remarks, Muruako described his tenure as a period marked by institutional strengthening and strategic reform. He expressed appreciation to President Bola Ahmed Tinubu for providing the political will required to implement reforms aligned with the administration’s economic agenda. He also acknowledged the SGF’s office as a stabilizing force during challenging periods.
Highlighting key achievements, Muruako disclosed that as of June 2025, independent revenue remittances — comprising operating surpluses and internally generated revenue — exceeded ₦1 trillion, amounting to ₦1.094 trillion against a prorated budget target of ₦2.6 trillion.
He attributed the improved performance to the introduction of objective templates for calculating operating surpluses and the rigorous review of financial statements of MDAs and Government-Owned Enterprises (GOEs). The Commission, he said, recorded significant improvements in the remittance of operating surpluses by government-owned enterprises and scheduled corporations.
Strategic Enforcement Partnerships
To strengthen enforcement, the outgoing chairman revealed that the Commission formalized collaborations with key anti-corruption and regulatory agencies, including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Bureau of Public Procurement (BPP).
According to him, these partnerships helped reposition fiscal infractions as economic crimes, thereby enhancing deterrence across the public sector.
Muruako also outlined the Commission’s advocacy and technical support to states to encourage the domestication of fiscal responsibility laws at the sub-national level. He noted that the FRC provided independent, data-driven reviews of federal budgets to ensure that borrowing remained within the statutory threshold of three percent of Gross Domestic Product, except as otherwise permitted by law.
Challenges and Reform Proposals
Despite recorded gains, Muruako acknowledged that the Commission grappled with infrastructural deficits, funding constraints, manpower shortages, delays in amending the Fiscal Responsibility Act, and concerns over staff remuneration.
He stressed the need for stronger statutory powers, including authority to impose direct sanctions for non-compliance, and called for the digitalization of fiscal monitoring through an integrated, real-time reporting portal for MDAs.
Among his recommendations were urgent legislative amendments to the Fiscal Responsibility Act, enhanced oversight of local government fiscal autonomy, and the establishment of a formal annual fiscal calendar to guide the preparation and passage of key fiscal documents such as the MTEF and the annual budget.
He also advocated greater financial independence for the Commission, proposing that it be placed on a first-line charge or allocated a dedicated percentage of recovered operating surpluses to strengthen operational capacity.
Leadership Transition
As he formally handed over leadership, Muruako expressed confidence in the Commission’s continued role as a vigilant guardian of Nigeria’s fiscal health.
“Fiscal responsibility is not a destination but a continuous journey of discipline, transparency, and patriotism,” he stated.
On the occasion, he introduced Barr. Charles Abana, the most senior Director overseeing Legal Investigation and Enforcement at the Commission, to the SGF. Muruako explained that Abana would assume responsibility for overseeing the affairs of the Commission in an interim capacity, pending further directives.
Reiterating the Federal Government’s commitment, the SGF assured that the administration would continue to support the Commission’s mandate in promoting transparency, accountability, and sustainable economic growth.
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