By Vivian Emoni

Dr Victor Muruako, the Executive Chairman, Fiscal Responsibility Commission (FRC), says the commission is collaborating with the Public Accounts Committee (PAC) to address fiscal governance challenges to promote transparency.

Muruako said this at the 2025 National Conference on Public Accounts and Fiscal Governance, organised by the House of Representatives PAC Committee in Abuja.

The theme of the conference is: “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development.”

He said the conference was pivotal for strengthening accountability and prudent financial management in Nigeria’s public sector.

According to him, the commission shares PAC’s vision of entrenching fiscal discipline to ensure public resources deliver maximum value for sustainable development.

He said that the conference underscores PAC’s commitment to fostering collaboration and addressing challenges of fiscal governance.

According to him, FRC is making great efforts to addressing persistent challenges by sharing the PAC’s vision of entrenching fiscal discipline to ensure public resources deliver maximum value for sustainable development.

“The maximum value is through robust oversight and collaboration with help from National Assembly Committees, particularly the PAC’s and committees on finance,” he said.

Muruako noted that FRC had helped significantly in increasing the remittance of Operating Surplus by Government-Owned Enterprises.

This, he said, had led to improvement in Federal Government’s Independent Revenue from N200 billion in 2013 to more than N2 trillion in 2024.

He said the progress highlighted the impact of collaboration with PAC, which leveraged the auditor-general’s reports to ensure efficient use of public funds in line with the commission’s Act.

The chairman, however, said the commission was going through some challenges which included weak enforcement mechanisms, limited public awareness, and slow domestication of the FRA, with only 26 states adopting similar laws.

According to him, other challenges are inefficiencies in interagency coordination, which further hinders progress.

Muruako said that the FRC was advocating a National Fiscal Governance Framework to hold the fiscal oversight space together.

He added that the framework would also be an amendment to the FRA with stronger penalties for non-compliance to bolster accountability.

The chairman emphasised that effective fiscal governance required adherence to the constitutional framework where public debt and borrowing was under the exclusive legislative list.

He further said that the agencies, empowered by the National Assembly laws, monitor the use of proceeds of funds borrowed by subnational governments for which the Federal Government was liable.

“The monitoring is to ensure they contribute to sustainable development, in addition to meeting the conditions for public debt, indebtedness and borrowing laid out in parts IX and X of the FRA.

“This conference provides a vital platform to reinforce the constitutional position of federal laws, the Federal Government and its agents/agencies on this matter.

“It also provides a platform to align national and sub-national laws, strengthen audit frameworks, and galvanise stakeholder commitment under the Renewed Hope reforms of President Bola Tinubu’s administration.

“The FRC pledges unwavering support to the PAC in advancing transparency, reducing financial leakages, and institutionalising sound public financial management.

“We commend the PAC and its chairman for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference to reinforcing Nigeria’s leadership in regional fiscal governance.

“Together, we can build a Nigeria where fiscal responsibility underpins sustainable development.” (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams