Fiscal Responsibility Commission generates N2trn in 14yrs

The Fiscal Responsibility Commission has generated over N2trn since inception in 2007.

The commission’s chairman, Victor Muruako, disclosed this in Abuja yesterday during a public hearing on a bill to repeal and re-enact the Fiscal Responsibility Act, organized by Senate Committee on Finance.

He said the revenue had been remitted to the Consolidated Revenue Fund.

The bill seeks to curb financial fraud and wastages within Ministries, Departments and Agencies to ensure more effective and efficient delivery of public services.

It also proposes that the commission retains a portion of the operating surpluses paid into the federation account as cost of collection.