FRC support for NASS hearings boosts revenue, yields N1.84trn – Chairman

“Some agencies are deliberately declaring losses to avoid payment of operating surplus, while others are preparing more than one audited statement of account for the same year for different purposes,"

FRC, support for NASS hearings, boosts revenue, yields N1.84trn, Chairman

Frc, support for nass hearings, boosts revenue, yields n1. 84trn, chairmanThe Fiscal Responsibility Commission (FRC), says its provision of technical support to the revenue hearings conducted by the National Assembly, increased independent revenues by about N1.84 trillion.

The Executive Chairman of the Commission, Mr Victor Muruako, stated this on Tuesday in Abuja at a one-day policy dialogue.

The dialogue was on the implementation of the presidential directive of 50 per cent automatic deduction from the Internally Generated Revenue (IGR) of Government-Owned Enterprises (GOEs).

BRANDPOWER reports that the dialogue was held in collaboration with the Civil Society Legislative Advocacy Centre (CISLAC), with support from the Christian Aid.

Muruako, who was represented by Muhammed Zailani, Director, Administration and Human Resources, said the commission has been providing support to the legislature since the 9th National Assembly

He said that when the Fiscal Responsibility Act (FRA) 2007, is amended to strengthen the commission, there would be more gains in terms of revenue generation and remittances to government coffers.

The chairman pledged the continuous support of the commission to efforts of the President Bola Tinubu-led administration to shore up the revenue base of the country.

“Such support is being demonstrated by the convening of this policy dialogue to gather feedback from government Ministries, Departments, and Agencies, on the implementation of the directive on 50 per cent automatic deduction.

“The directive is part of government efforts to ensure resources for running government businesses as derived from the annual appropriation as the challenges that have arisen from low revenue are no longer news,’’ he said..

The FRC boss said the presidential directive was intended to improve revenue generation, fiscal discipline, accountability and transparency in the management of Government financial resources and prevention of waste and inefficiencies.

He accused some agencies of impairing government’s efforts by adopting all forms of “creative” accounting standards in the process of disclosing official financial records.

“Some agencies are deliberately declaring losses to avoid payment of operating surplus, while others are preparing more than one audited statement of account for the same year for different purposes,’’ he said..

Muruako  said that the dialogue was an opportunity to appreciate the concerns of the GOEs in respect of the directive and harness feedback for possible future modifications.

He said that the commission had a duty dictated by the FRA to ensure compliance.

According to him, the dialogue also provides an opportunity for all parties to discuss some of the observed challenges, and offer solutions that will address issues that will lead to the successful implementation of the policy.

The Executive Director of CISLAC, Auwal  Musa, said that the engagement was part of efforts to strengthen opportunities for reducing overreliance on borrowing.

Musa was represented by Ayo Omowu, CISLAC’s Technical Programme and Communications Specialist.

He said the dialogue would also help in strengthening revenue mobilisation through effective tax expenditure management and remittances from GOEs.

Musa said that the aim was to improve fiscal discipline, transparency and accountability in the management of government financial resources.

According to him, Nigeria is facing its worst economic challenges in decades, marked by consistent decline in government revenue.

“This alarming trend is evidenced by a substantial shortfall in revenue with deficits ranging from 31 per cent to as high as 50 per cent between 2018 and 2023.

“Nigeria’s overall debt burden has skyrocketed, reaching a staggering N87.9 trillion,’’ he said.

He said that the engagement would also help to build a consensus around supporting policy shifts that promotes fiscal prudence, and effective public financial management.