FRC to setup Fis­cal Re­spon­si­bil­ity In­sti­tute

Financial Nigeria Magazine - - Development -

The Chair­man of the Fis­cal Re­spon­si­bil­ity Com­mis­sion (FRC), Vic­tor Mu­ru­ako, dis­closed last month the plan of the fed­eral agency to es­tab­lish the Fis­cal Re­spon­si­bil­ity In­sti­tute. He said the In­sti­tute will help train fi­nan­cial man­age­ment of­fi­cers in the ad­min­is­tra­tion of govern­ment ex­pen­di­ture, in­clud­ing rev­enue gen­er­a­tion, re­source al­lo­ca­tion and debt man­age­ment.

Mr. Mu­ru­ako made the dis­clo­sure while re­ceiv­ing a vis­it­ing team of fi­nan­cial man­age­ment ex­pert from the World Bank at the Com­mis­sion's Abuja of­fice. The team led by Manuel Var­gas, World Bank's Lead Fi­nan­cial Man­age­ment Spe­cial­ist, said the Bank was ready to as­sist the FRC achieve its man­date of pro­mot­ing pru­dent man­age­ment of the na­tion's re­sources and en­sur­ing long term macroe­co­nomic sta­bil­ity. The FRC, through the Fis­cal Re­spon­si­bil­ity Act, 2007, is also man­dated to pro­mote trans­parency in the fis­cal op­er­a­tions of govern­ment.

The World Bank is cur­rently sup­port­ing 21 states of the fed­er­a­tion on rev­enue mo­bil­i­sa­tion, bud­get­ing and plan­ning, ex­pen­di­ture con­trol, and fi­nan­cial re­port­ing. Ac­cord­ing to Mr. Var­gas, the team was in the coun­try to sup­port ca­pac­ity de­vel­op­ment in pub­lic fi­nance man­age­ment.

Mr. Mu­ru­ako said the FRC has de­vel­oped a strate­gic plan to en­sure rel­e­vant agen­cies make re­mit­tances into govern­ment cof­fers, in­clud­ing op­er­at­ing sur­plus, which – when it ex­ists – is manda­tory to be re­mit­ted into the Con­sol­i­dated Rev­enue Fund at the end of each bud­getary pe­riod. He added that the Com­mis­sion is work­ing to have more in­sti­tu­tions added to the sched­ule of the FRA, 2007, and de­velop the Fis­cal Re­spon­si­bil­ity In­dex to bench­mark the per­for­mances of govern­ment's min­istries, de­part­ments and agen­cies.

As part of the achieve­ments of the FRC, Mr. Mu­ru­ako said it has en­sured the Medium Term Ex­pen­di­ture Frame­work is adopted in the bud­getary pro­cesses.

Chair­man, Fis­cal Re­spon­si­bil­ity Com­mis­sion, Vic­tor Mu­ru­ako

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