The Fiscal Responsibility Commission generated N725 billion in H1 2022

MDAs illegally withholding N1.2 trillion from FG – Fiscal Responsibility Commission

in Nigeria Fiscal Responsibility Commission (FRC) said it generated a total revenue of N725 billion for the Federal Government in the first half of 2022.

The Chairman of the Commission, Chief Victor Muruako, disclosed this on Monday in Lagos at the technical assistance to sub-nationals/workshops to sustain gains in fiscal transparency and accountability in states.

Muruako disclosed that the FRC, in fulfilling its mandate, has improved the independent income of the Federal Government.

  • “I can tell you that in 2020, the independent income of the Federal Government for the financial year is about N525 billion; The FRC has been instrumental, working with other agencies and the National Assembly, to achieve an increase in the independent income of the Federal Government, ” he said.

How the FRC achieves this: The Commission generates revenues through capital interests, dividends, and rental income, as captured by the Fiscal Responsibility Act of 2007 which requires government agencies to remit 80% of such revenues to in the Consolidated Revenue Fund account.

  • “For the first time in the history of the country, its independent revenue has surpassed the N1 trillion mark in 2021. This year, the Federal Government has achieved N725 billion, from independent revenue, that is, half the year, and we expect that this year’s target will still be achieved because most of the independent revenues usually come between the third and fourth quarter,” Muruako explained.

Advice for states: The FRC urged states to explore more ways to increase their revenue base, adding that many sources of revenue have yet to be explored. He also noted that the Federal Government cannot borrow when the citizens are expanding, hence the need for the states to generate more revenue.

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