How NASS, FRC boost GOEs’ operating surplus from N200bn to over N2trn

Executive Chairman of Fiscal Responsibility Commission (FRC), Chief Victor Muruako on Wednesday gave vivid account of how the synergy between the Agency and National Assembly’s Public Accounts Committees resulted into geometrically increased operating surplus of Government Owned Enterprises (GOEs) from N200 billion in 2013 to N2 trillion in 2024.

He gave the details in Abuja during the 2025 National Conference on Public Accounts and Fiscal Governance organized by Senate and House of Representatives’ Committees on Public Accounts Committees.

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The FRC Chairman who aligned with joint Committees’s vision of entrenching fiscal discipline to ensure public resources deliver maximum value for sustainable development, called for full domestication of Fiscal Responsibility Act across the 36 States of the Federation and FCT.

He explained that: “through robust oversight and collaboration with help from National Assembly Committees, particularly the Public Accounts Committees and the Committees on Finance, the FRC has helped to significantly increase the remittance of Operating Surplus by Government-Owned Enterprises, leading to improvement in Federal Government’s Independent Revenue from N200 billion in 2013 to over N2 trillion last year.

“This progress highlights the impact of collaboration with the PAC, which leverages the Auditor-General’s reports to ensure efficient use of public funds in line with the Fiscal Responsibility Act.

“However, challenges persist, including weak enforcement mechanisms, limited public awareness, and slow domestication of the FRA, with only 26 of 36 states adopting similar laws.

“Inefficiencies in interagency coordination further hinder progress. The FRC advocates for a National Fiscal Governance Framework to hold the fiscal oversight space together, as well as amendments to the FRA to include stronger penalties for non-compliance to bolster accountability.”

In his presentation on Fiscal Transparency Portals, Budget Tracking, Audit, and the Role of Social Media, the Global Director of BudgIT, Mr. Seun Onigbinde disclosed that the organization tracked over 19,644 projects worth N8.5 trillion ($5.8 billion) in 7,589 communities and organized over 7,612 town hall meetings across Nigeria.

In addition, the Organization facilitated the completion of over 11,800 projects worth N3.5 trillion ($2.3 billion) across the health, education, and infrastructural sectors, currently serving over 11.5 million Nigerians.

In re bid to ensure accountability of public funds, he harped on the need to strengthen digital infrastructure for transparency portals, mainstream civic education and digital literacy as well as leverage Social Media as a formally feedback mechanism.

Speaking on the social audit for project tracking, Mr. Onigbinde explained that Unlike traditional financial audits conducted by professional auditors, social audits involve active participation from local residents, civil society groups, and beneficiaries of projects.

“Communities examine records, verify whether services were delivered as promised, and physically inspect project sites. This approach empowers citizens to hold government officials and contractors accountable for project outcomes and spending.

“By providing a platform for direct feedback and evidence-based oversight, social audits strengthen democratic accountability and build public trust. They can reveal discrepancies such as incomplete or poor-quality work, inflated costs, or ‘ghost projects’ that exist only on paper.

“Beyond detecting corruption or inefficiency, social audits also promote inclusiveness, as marginalised voices often have the chance to highlight their needs and experiences.

“When institutionalised and supported by strong legal frameworks, social audits can become powerful tools for improving service delivery and ensuring that public investments truly benefit communities.“