Independent revenue contributed over N1trn to FG annual revenue — Muruako

The Executive Chairman of the Fiscal Responsibility Commission, Victor Muruako has disclosed that the Fiscal Responsibility Commission has made significant strides in enhancing the independent revenue of the Federal Government.

He added that FG’s independent revenue has consistently contributed an excess of N1 trillion to the Federal Government’s annual revenue in recent years.

Speaking at a service-wide strategic training on enhancing public revenue and expenditure management organised by the Fiscal Responsibility Commission and ADSC, the FRC’s boss said.

“Notably, the Commission has made significant strides in enhancing the Independent Revenue of the Federal Government in recent years.

“Through collaborative efforts with the Finance Committees in the two Houses of the National Assembly, we have seen remarkable growth.

“Independent revenue, which was previously not considered a significant revenue source, has consistently contributed an excess of N1 trillion to the Federal Government annual revenue in recent years.”

Addressing Senior FG officials at the training, he added, “We achieved this by working with MDAs like yours to improve remittances of operating surplus and internally generated revenue, guided by FRC’s operating surplus template and extant regulations.

“The people seated here today as participants, are the ones that interfaced with our Commission and sister agencies to make this improvement happen. We are grateful.”

Muruako reminded the participants of their responsibility to ensure that the management of the Federal Government’s finances aligns with the provisions of the Fiscal Responsibility Act and other relevant regulations.

“Moreover, it remains your duty to ensure that the Federal Government budget is planned and executed in a timely, efficient, and effective manner, with a focus on achieving the expected outcomes and impacts. Your continued vigilance and dedication to compliance are therefore essential.”

The Executive Chairman further presented the Fiscal Responsibility Commission as a statutory body established by the Fiscal Responsibility Act of 2007, with the mandate to promote and enforce the nation’s economic objectives, ensure prudent management of the nation’s resources, and secure greater accountability and transparency in fiscal operations.

On the roles of the Commission, he said, “The Commission also diligently oversees and enforces regulations, boundaries, and responsibilities placed upon the public sector, particularly those managing the Federal Government’s public finance system. We are committed to fostering a culture of fiscal responsibility and sustainability in the public sector, as well as enhancing the quality and efficiency of public service delivery.

“In conclusion, I extend my appreciation to the ADSC for their partnership in this training program. I commend the individual trainers and facilitators for their expertise and dedication, and, most importantly, I congratulate the participants for their selection and participation in this program.

“I have no doubt that you will find the training useful and relevant. I implore your full participation, active engagement and attention to the details that will be shared during the training.  I also hope that you will share your insights and experiences with your colleagues back in the office.

“Finally, I urge all persons and institutions involved in Nigeria’s public finance management to uphold the highest standards of professionalism, integrity, and accountability, ensuring that your work fully aligns with the provisions of the Fiscal Responsibility Act.”