Growth of Government-Owned Enterprises’ Revenue
The revenue generated by Government-Owned Enterprises (GOEs) has seen a significant increase, rising from ₦200 billion in 2013 to over ₦2 trillion in 2024. This development was confirmed by the Fiscal Responsibility Commission (FRC) during a recent announcement. The FRC highlighted that this growth is a result of effective collaboration between its team and the House of Representatives Public Accounts Committee (PAC).
Challenges and Concerns
Despite these achievements, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq, expressed concerns about ongoing challenges. He pointed out several issues, including weak enforcement mechanisms, limited public awareness, and the slow domestication of the Fiscal Responsibility Act (FRA) at the subnational level. According to Muruako, only 26 out of 36 states have adopted similar laws, indicating a lack of uniformity across the country.
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Muruako emphasized the need for a National Fiscal Governance Framework to enhance coordination and strengthen audit and oversight structures. He stressed the importance of adhering to constitutional provisions regarding public debt and borrowing, which are under the exclusive legislative list. He urged federal and subnational actors to align their fiscal policies with the renewed hope agenda of President Tinubu’s administration.
Call for Implementation of Fiscal Responsibility Laws
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework. He encouraged all stakeholders to embrace these laws to ensure fiscal discipline and alignment with national financial standards.
Importance of Transparency and Accountability
The event, organized by the House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management. Muruako commended the administration of President Bola Ahmed Tinubu for its commitment to strengthening financial policies aimed at driving economic growth.
He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards. Muruako also highlighted a critical legislative gap, noting that the FRA 2007 outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
Urgent Need for Legislative Amendments
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed. Muruako congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
Strengthening Regional Leadership
Muruako reiterated the FRC’s commitment to advancing transparency and reducing financial leakages. He pledged continued support to the PAC in institutionalizing sound public financial management practices. Additionally, he praised the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
