Fiscal Commission remits N2trn – Official

The Fiscal Responsibility Commission (FRC) has generated over N2 trillion since inception in 2007 till date, its chairman, Victor Muruako, has said.

The money, he said, was remitted into the Consolidated Revenue Fund (CFR).

He stated this on Tuesday at the public hearing on the bill to repeal and re-enact the Fiscal Responsibility Act.

The hearing was organised by the Senate Committee on Finance.

The legislation, sponsored by Aisha Dahiru, a senator from Adamawa State, seeks to curb financial fraud and wastages within Ministries, Departments and Agencies (MDAs) to ensure more effective and efficient delivery of public services.

The bill, as Ms Dahiru had said, will provide a better legal framework to back the operations of the commission, which she said has been limited.

“If passed, will expand the functions and powers of the FRC; ensure adequate funding/increased budgetary allocations to the Commission; ensure the remittance of operating surplus by MDAs; ensure enforcement of penalties and establish the Fiscal Responsibility Council,” she said.

Part of the bill also proposes that the commission retains a portion of the operating surpluses paid into the CRF of the federal government as cost of collection.

The amendment also seeks to limit the expenditure of all other MDAs (not listed in the schedule) to not more than 75 per cent of their gross revenue.