FG Gets N1trn Annually From Independent Revenue – FRC Chairman

Executive chairman of Fiscal Responsibility Commission (FRC), Victor Muruako, has said independent revenue has consistently contributed over N1 trillion to the federal government annual revenue in recent years.
Independent revenue is a stream of income received without directly exchanging labour-power for it which include interest on money capital, dividends earned by share ownership, rental income, among others.

Muruako stated this at a “Service Wide Strategic Training on Enhancing Public Revenue and Expenditure Management” organised by the commission and the Africa Development Study Centre (ADSC).
He said the commission had made significant strides in enhancing the independent revenue of the federal government.

The FRC boss 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 annual revenue in recent years.“
Muruako said the agency has 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.

The people seated here today as participants are the ones that interfaced with our Commission and sister agencies to make this improvement happen. We are grateful.
Moreover, it remains your duty to ensure that the Federal Government budget is planned and executed in a timely, efficient, and effective manner, with a focus on achieving the expected outcomes and impacts. Your continued vigilance and dedication to compliance are therefore essential,“ he said.
Muruako reiterated that the commission is a statutory body established by the Fiscal Responsibility Act of 2007, with the mandate 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.

The Commission also diligently oversees and enforces regulations, boundaries, and responsibilities placed upon the public sector, particularly those managing the Federal Government‘s public finance system. We are committed to fostering a culture of fiscal responsibility and sustainability in the public sector, as well as enhancing the quality and efficiency of public service delivery.

“In conclusion, I extend my appreciation to the ADSC for their partnership in this training programme. I commend the individual trainers and facilitators for their expertise and dedication, and, most importantly, I congratulate the participants for their selection and participation in this programme.
„I have no doubt that you will find the training useful and relevant. I implore your full participation, active engagement and attention to the details that will be shared during the training. I also hope that you will share your insights and experiences with your colleagues back in the office.
„Finally, I urge all persons and institutions involved in Nigeria’s public finance management to uphold the highest standards of professionalism, integrity, and accountability, ensuring that your work fully aligns with the provisions of the Fiscal Responsibility Act,“ he added.