Federal Gov’t Gets N1trn Annually From Independent Revenue – FRC Chairman

The Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has said that independent revenue has consistently contributed an excess of N1 trillion to the Federal Government’s annual revenue in recent years.

LEADERSHIP reports that Independent revenue encompasses income received without directly exchanging labour-power for it, including interest on money capital, dividends earned by share ownership, rental income, among others.

Muruako made this statement at a Service Wide Strategic Training on Enhancing Public Revenue and Expenditure Management organized by the Commission and the Africa Development Study Centre (ADSC).

He noted that the Commission has made significant strides in enhancing the independent revenue of the Federal Government.

He 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.

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

Muruako said that the agency achieved this by working with Ministries, Departments, and Agencies to improve remittances of Operating Surplus and Internally Generated Revenue, guided by FRC’s Operating Surplus Template and extant regulations.

He expressed gratitude to the participants for their role in making these improvements happen and emphasized their responsibility in ensuring timely, efficient, and effective planning and execution of the Federal Government’s budget.

The Executive Chairman reiterated that the Commission, established by the Fiscal Responsibility Act of 2007, is mandated 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.

Muruako appreciated the Africa Development Study Centre for their partnership, commended the trainers and facilitators for their expertise, and congratulated the participants, urging them to uphold the highest standards of professionalism, integrity, and accountability in Nigeria’s public finance management.