FG Backs Fiscal Commission as Muruako Bows Out
By Patience Ikpeme
The Fiscal Responsibility Commission (FRC) has received renewed backing from the Federal Government as the Secretary to the Government of the Federation, George Akume, assured the Commission of continued support in promoting fiscal discipline and economic stability.
Akume gave the assurance on Thursday in Abuja when he received the outgoing Executive Chairman of the Commission, Victor Muruako, whose five-year tenure has ended.
According to a statement issued by the FRC, the SGF praised Muruako for his leadership and contributions to strengthening compliance with the Fiscal Responsibility Act.
Describing him as “a very hardworking, result-oriented and productive leader,” Akume said the Act has played a key role in promoting macroeconomic stability and improving the credibility of Nigeria’s fiscal system.
He stressed the importance of the Medium-Term Expenditure Framework, commonly known as the MTEF, describing it as central to protecting the country’s fiscal image. He called on Ministries, Departments and Agencies to strictly follow the MTEF guidelines and ensure that their audited financial statements are prepared and submitted on time.
Akume also commended the Commission’s monitoring and enforcement efforts, saying they have helped lay a strong foundation for economic growth through improved transparency and accountability in public finance.
In his farewell remarks, Muruako described his five years in office as a period of institutional strengthening and reform. He thanked President Bola Ahmed Tinubu for providing the political backing needed to push through reforms under the current administration’s economic agenda.
He also expressed appreciation to the Office of the SGF for what he called steady administrative support during difficult periods.
Muruako outlined several achievements recorded under his leadership, focusing on monitoring, enforcement, collaboration and advocacy.
One of the major areas he pointed to was the improvement in the remittance of operating surpluses by government-owned enterprises and scheduled corporations. He explained that the Commission introduced objective templates for calculating operating surpluses and carried out detailed reviews of financial statements submitted by MDAs and Government-Owned Enterprises.
According to him, as of June 2025, independent revenue remittances, including operating surpluses and internally generated revenue, stood at ₦1.094 trillion. This was against a prorated budget target of ₦2.6 trillion.
To strengthen enforcement, Muruako said the Commission entered into formal partnerships with key anti-corruption and regulatory agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Bureau of Public Procurement (BPP).
He said these collaborations helped to classify fiscal violations as economic crimes and strengthened deterrence within the public sector.
The outgoing chairman also spoke about efforts to deepen fiscal responsibility at the state level. He said the Commission provided advocacy and technical support to encourage states to adopt their own fiscal responsibility laws.
In addition, he said the FRC carried out independent, data-based reviews of federal budgets to ensure that government borrowing stayed within the legal limit of three percent of Gross Domestic Product, except in situations allowed by law.
Despite the progress recorded, Muruako admitted that the Commission faced several challenges. These included inadequate infrastructure, funding shortages, limited manpower, delays in amending the Fiscal Responsibility Act 2007 and concerns about staff welfare.
He said the Commission needs stronger legal powers, including the authority to impose direct sanctions, to effectively enforce compliance. He also called for the digitalisation of fiscal monitoring through an integrated real-time reporting portal for MDAs.
Looking ahead, he recommended urgent legislative action to amend the Fiscal Responsibility Act, stronger oversight of local government fiscal autonomy and the creation of a formal annual fiscal calendar to guide the preparation and passage of key fiscal documents such as the MTEF and the national budget.
Muruako also suggested that the Commission should enjoy greater financial independence. He proposed that it be placed on a first-line charge or be allocated a dedicated percentage of recovered operating surpluses to strengthen its operations.
As he formally handed over leadership, he expressed confidence in the future of the Commission.
“Fiscal responsibility is not a destination but a continuous journey of discipline, transparency, and patriotism,” he said.
During the visit, Muruako introduced Barrister Charles Abana to the SGF, describing him as the most senior Director overseeing Legal Investigation and Enforcement at the Commission. He said Abana would oversee the affairs of the FRC in an acting capacity pending further directives.
In his closing remarks, Akume restated the Federal Government’s commitment to supporting the Commission’s mandate, saying fiscal transparency and accountability remain central to sustainable economic growth.
The renewed assurance signals the government’s intention to strengthen fiscal discipline at a time when Nigeria faces rising expenditure pressures and growing public expectations for prudent management of national resources.
