How Fiscal Responsibility Commission Saved Nigeria N721 Billion In Seven Months

The Fiscal Responsibility Commission (FRC) said between January-July, 2022, Nigeria saved a total Operating Surplus and Internally Generated Revenue of over N729 billion through its Fiscal Responsibility Act.
The Chairman of the commission, Victor Muruako, disclosed this at the October monthly lunchtime seminar organised by the Bureau of Public Service Reforms (BPSR) in Abuja, with the ‘Strengthening Fiscal Transparency, Accountability & Prudence through the Fiscal Responsibility Act, 2007.’
Muruako, the Chairman, also highlighted some results achieved by the commission from monitoring and enforcing transparency, accountability and prudence, the core mandates of establishing it.
Some of them according to him includes, “Treasury Single Account (TSA), Open Governance Portal (OGP), Open Treasury Portal (OTP), Government Integrated Financial Management Information System (GIFMIS), Regular publication of monthly financial disbursement to the three tires of Govt. from the Federation Account after successive FAAC Meetings.
“The introduction of the Treasury Single Account (TSA) which is a public accounting system whereby ALL the FG receipt, revenue and income are collected into  ONE single Account maintained and managed by the Central Bank of Nigeria.
“The FRC has been instrumental in driving up the Independent Revenue of the FG and this has helped to fill some of the gaps arising from reduced revenue from oil.
“In 2020, Operating Surplus and IGR that accrued to the FG summed up to N533 billion.
“In 2021, the sum jumped by over 100% year-on-year to N1.25 trillion  – the first time in the history of the nation that the Independent Revenue exceeded the one trillion Naira mark.
“As of end of July this year, the total of Operating Surplus and IGR had arrived at N729 billion,” Maruoko explained.
The Chairman also said the commission has continued to reassure the nation that it is all out to exercise its functions in a manner that will help to achieve the projection of N1.8 trillion for 2022.
The Chairman however said in spite of these, the act is not devoid of challenges, such as its failure to provide for some offences, the stipulation of the appropriate sanctions/punishments for defaulters, and that there is a lack of holistic adoption of the act by states and Local Governments which gulp more than 48% of the national resources and a major drawback to the quest for transparency and accountability.
“Although, the publication of daily payment report by the OAGF has recorded significant compliance since inception, however, it appears that most MDAs, have not been forthcoming with up-to-date information on their daily financial transaction on the open treasury portal,” Moruako added.
On his part, BPSR DG, Dasuki I. Arabi, said FRC was established by the Fiscal Responsibility Act, 2007, to promote a transparent and accountable government financial management framework for Nigeria.
He also said, “the Bureau’s vision of seeing a Nigeria with a well-functioning, effective and efficient socio-economic system is shared by the vision of the Fiscal Responsibility Commission (FRC) ‘To establish a transparent and accountable government management framework for Nigeria, thus, it is my strong belief that today’s interaction will be both educative, enlightening and fulfilling to all.”