Fiscal Responsibility Commission Has Generated N2tn Revenue, Says Chairman

By Deji Elumoye

The Fiscal Responsibility Commission (FRC) has generated over N2 trillion since its establishment in 2007, the Chairman of the commission, Mr. Victor Muruako, has said.

The revenue, he added, had since been remitted to the Consolidated Revenue Fund (FRC) of the federal government.

Murako made this disclosure yesterday at the

public hearing on the bill for the repeal and re-enactment of the Fiscal Responsibility Act organised by the Senate Committee on Finance.

In his presentation, the FRC boss stressed the need for the commission to be strengthened in all ramifications and its responsibilities, powers and functions properly streamlined.

He also said the move to repeal the Act will ultimately improve the commission’s funding and capacity to increase the generation of independent revenue into the CRF of the federal government as well as end the current state of impunity with which statutory obligations imposed by the Act which are routinely ignored by many MDAs & GOEs.