The Fiscal Responsibility Commission FRC under the leadership of Victor Chinemerem Muruako whose appointment came post COVID in February 2021 and it’s subsequent lockdown of world economies, both in its first to fifth wave was being navigated by a determined and prioritized programs of execution.
This was coming at a time when the global economy, Nigeria was at a crossroad, with the cost of funds, economic downturn bitting harder having gone through its first and second recession period in a row.
But, as an agency charged not only with assessment of funds for both States and Federal level , but deployment of such a availements, the new leadership with a versed experience having acted diligently over the years without been found wanting, had created an enabling environment to mitigate all the variables.
For seven years in acting capacity and nine years as Secretary of the commission, no doubt he had gathered enough wealth of experience in repositioning the 15 year old organization, that was convened by an act of the National Assembly in 2007.
His appointment by President Muhammadu Buhari after his years in that capacity in February 2021, showed his unblemished leadership, transparency and accountability and the drive to achieve the anti- corruption war, and graft stance of the present administration.
No doubt, inspite the tough financial situations of the country with global world not left out, was able to realize a revenue generation of 600B in 2021 with the total earnings of about 2trn since it’s inception in 2007.
The appreciable revenue generation and growth in 2021 ,away from the previous period had showed a glaring transformation agenda of the present leadership under Victor Chinemerem Muruako in FRC.
The transformation agenda of the new leadership will improve the supervisory, regulatory and revenue generation strength that will be ahead of the previous year in 2021.
The supervisory and regulatory programs of the agency is being rejigged in view of the global economic crunch, that put external borrowings by Nigerian government at about $40trn in the year under review.
With lean revenue generation, FRC will have no choice that to indulge in strict supervision of it’s generation and subsequent utilisation, that had put the country in perpetual borrowings, with monthly spendings put at over half a trillion naira for recurrent expenditures.
This goes beyond presentation of budgets by federal and state governments, but strict utilisation of both capital and recurrent expenditures in line with the regulatory framework of the Fiscal Responsibility Commission FRC.
With due diligence away from business as usual , both federal and state governments will be scrutinized in the area of assessing both local and foreign loans to avoid untoward activities from both end.
In line with it’s acts , the commission is expected to step up it’s supervisory roles of the State Fiscal Transparency and Accountability Fund STFAS being accessed regularly by states to ensure it’s meticulous utilisation among many other funds.
These intentions of the new leadership under Victor Chinemerem Muruako will check diversion, sharp practices, corruption and outright mismanagement by various organs of government.
Budget padding, recircling and non- implementation of budgeted funds will be checked in its totality , to discourage pilfering and sabotage.
This will be in line with the government intention to ensure transparency and accountability in the utilisation of public funds and to address it’s glaring campaign for corruption tendencies and it’s anti corruption stance.
With the leadership under Victor Chinemerem Muruako and it’s staffers with high moral standard and determination to the do the right thing, no doubt more achievements will be recorded in the subsequent years.
* ABUBAKAR YUSUF, writes from Abuja and can be reached on [email protected].
