FRC to setup Fiscal Responsibility Institute
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.